A whistleblower who formerly worked for Countrywide and filed a lawsuit revealing allegations that the company issued defective mortgages under its “High Speed Swim Lane” program, says that Countrywide boosted its profits by benching its underwriters and replacing them with inexperienced loan specialists who were forced to meet quotas and ignore quality control.
Edward O’Donnell who was a former official at Bank of America’s Countrywide Financial, contacted federal authorities in 2012 and filed a whistleblower suit against the company after hearing that the government was thinking of settling with Countrywide.
Under whistleblower laws, O’Donnell could collect over $1.6 million if the jury finds for the government against Countrywide.
