United States ex rel. O'Donnell v. Countrywide Financial Corp.

MEMORANDUM ORDER

JED S. RAKOFF, District Judge.

This case involves a scheme by which a division of the Countrywide Defendants,1 headed by defendant Mairone, sold mortgage loans to government-sponsored entities2 by representing they were investment quality when, in fact, as a result of an initiative called the High Speed Swim Lane (or “HSSL”), they had been originated in such volume, at such high speed, and at such disregard for quality assurance that it was virtually certain that many would be of inferior quality. Finding this and more, a jury, following a month-long trial, returned a verdict…