Countrywide Whistle-Blower Will Collect $57 Million From Accord
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Former Countrywide Financial Corp. executive Edward O’Donnell will get $57 million for his part in bringing a whistle-blower lawsuit against Bank of America Corp. which helped the U.S. force the lender to pay almost $16.7 billion to settle mortgage fraud charges.
Federal prosecutors in New York agreed to the payment, according to a filing that was part of O’Donnell’s August lawsuit against the bank, in which he alleged it submitted false documents to Fannie Mae and Freddie Mac about loan underwriting and quality control. The complaint was unsealed Dec. 15.