Bank of America (BAC) is in talks to sell its correspondent mortgage business to Fortress...


Bank of America (BAC) is in talks to sell its correspondent mortgage business to Fortress Investment (FIG), according to sources. Connections? BofA acquired the business through its Countrywide purchase. The Fortress CEO, Daniel Mudd, is the former Fannie Mae CEO, who was tight with Countrywide during his time in government service. The wheel goes round.
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Comments (2)
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Oh yes, another criminal that escaped prosecution and kept all his million dollar bonuses.

     

    I'm sure he's now buying the business for pennies on the dollar since taxpayers have covered the rest.
    23 Sep 2011, 03:06 PM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
     
    "The wheel goes round"

     

    Some would simply call it an example of "Financial Incest".
    23 Sep 2011, 04:19 PM Reply Like
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