Despite Miami Mortgage Fraud, Banks Escape Criminal Charges
When a former Countrywide Financial employee was on the witness stand late last year, she testified that the bank tried to buy her silence about its part in the Miami mortgage meltdown.
She refused to cooperate, and the bank fired her. She turned around and sued the banking giant on federal whistle blower violations – and won.
While this single employee was awarded back pay, it’s really a small drop in the bank’s bucket. Our Miami foreclosure attorneys believe the whole instance raises a much larger question: Why does the U.S. Justice Department not go after these banks and hold them criminally liable for breaking the law?
Even though it’s been proven that financial misrepresentations and fraud played an integral role in the financial crisis we find ourselves in, not a single major financial firm or Wall Street executive has been brought up on charges.
As the former bank employee was quoted as saying to Prosecuting Wall Street. CBS News