Daily News: December 19, 2014

Countrywide Whistleblower Collects $57.6MM in Historic Settlement

CNNMoney reported that former Countrywide Financial executive Edward O’Donnell may collect approximately $57.6 million from Bank of America for his role in divulging the firm’s fraudulent activity.

CNNMoney said, citing documents filed in the Southern District Court of New York, that O’Donnell, who exposed Countrywide, now owned by Bank of America, for defrauding Fannie Mae and Freddie Mac — contributing to the real estate bubble and mortgage crisis in 2008 — is entitled to 16% of a $350 million payment from Bank of America.

To read the entire CNNMoney article, click here.