Countrywide’s “High Speed Swim Lane” Costs BoA $1.3 Billion
Countrywide's lending program "High Speed Swim Lane," nicknamed "Hustle," emphasized quantity over quality, rewarded employees for producing more loans, and eliminated checkpoints designed to ensure loan quality. Bank of America, which purchased Countrywide in 2008, has been ordered to pay $1.3 billion for those defective loans. A former mid-level Countrywide exec was individually ordered to pay $1 million for her part in the program. [7/31/14]