The Department of Justice filed a civil mortgage fraud lawsuit against Bank of America Corp., accusing the company of defrauding government-backed home loan programs of more than $1 billion. The bank and its Countrywide Financial Corp. unit “cast aside underwriters, eliminated quality controls, incentivized unqualified personnel to cut corners, and concealed the resulting defects,” U.S. Attorney Preet Bharara said.
STAT PADDING DESCRIBED
A former assistant career services dean at the Thomas Jefferson Law School has filed a declaration in a class action against the institution in which she acknowledges padding graduate employment statistics in 2006. Karen Grant blamed pressure to improve the school’s statistics and said her supervisor responded to her concerns by saying that “everybody does it.”