A Subprime Mess
The mortgage crisis and predatory lending that caused the economy to slip into a recession in 2008 sparked rage among homeowners. Lenders targeted included the now defunct Countrywide Financial Corp., the nation’s largest lender and loan servicer with 62,000 employees and assets of $200B. Bank of America bought Countrywide in 2008; it later agreed to pay $108M to settle federal charges due to overcharging homeowners.
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