Lawsuit focuses on Countrywide's sale of loans to Fannie, Freddie

10/1/2013 | Bloomberg

Edward O'Donnell, who formerly worked for Bank of America's Countrywide unit, says he was motivated to file a whistle-blower lawsuit after becoming aware that the Justice Department might settle with the financial institution. Countrywide sold defective mortgages to Fannie Mae and Freddie Mac, O'Donnell's suit alleges. O'Donnell says the bank sped up the processing of loans and told processors not to be concerned about whether the loans might be defective.

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