Saturday, October 1, 2011

Prison for former Countrywide employee

A former financial analyst for Countrywide Financial Corp. has been sentenced to hard time in prison. The sentence followed a guilty plea from the former employee for stealing data on 2.5 million Countrywide customers. Countrywide spent $1.2 million notifying the customers, $15.8 million on free credit monitoring and $13.4 million in civil litigation. In addition, each customer whose identity is stolen could receive $50,000!

Based upon what I have heard from LO's and Mortgage Brokers throughout my career doing this exact thing (but smaller in size of course), I would bet this story: 1). won't be seen by these bad guys, and 2). if they did see it, this wouldn't even be a deterrent as it should.

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