Lehman Brothers Will Face Former Employees in Court Over Allegations of Fraudulent Mortgage Lending Practices
October 4th, 2007Via: Press Release:
BNC Mortgage, Inc. was in the business of selling sub-prime home loans to buyers who could not financially qualify for conventional loans. Last month, Lehman Brothers was forced to shut down BNC Mortgage, Inc., and its sub-prime lending business because the volatile market had made it so unprofitable.
Before the bottom fell out of the sub-prime lending market, Coleen Colombo, Isabel Guajardo, Linda Howard-James, Cheryl McNeil, Michelle Seymour and Sylvia Vega-Sutfin were highly paid and successful employees of BNC Mortgage, Inc.’s Sacramento branch. The women complained to their BNC superiors about fraudulent lending practices. BNC management told them “don’t worry about qualifications, just write loans.”
Posted in Economy | Top Of Page
I love this story. YOU GO GIRLS. GET “Em. The only drag on this story is that this lawsuit was filed in 2005!!! Geez. That’s tough on these women.
Too Bad, too late, too unreported for it to help put a stop to more of this subprime loan kiting scheme.
Too bad for the likes of Lehman Brothers, Bear Sterns, Countrywide, etc., ad naseum. I heard this morning that hundreds, if not thousands of people are being layed off in the financial sector – all due to this sub-prime meltdown.
This story should be passed around to anyone who has an acquaintance or was affiliated with writing these loans. I think I SMELL A CLASS ACTION LAW SUIT. And while it may take years to come to fruition, hey well, if these shiesters are going to be buried with lawsuits, I think the people who made other’s write these loans should be buried in a REALLY DEEP GRAVE before they can join Ken Lay who for sure is NOT DEAD!