Mortgage Principles: BOA Forced to Pay Whistle-Blower $930,000

Whistle blower Bank of America

The Labor Department ordered Bank of America to reinstate and pay $930,000 to a employee, who was fired after reporting instances of possible fraud among Countrywide Financial Corp. employees.

The Labor Department's Occupational Safety and Health Administration division in San Francisco launched an investigation after a Los Angeles-based employee filed a complaint, claiming the lender violated a federal whistle-blower protection law.

"It's clear from our investigation that Bank of America used illegal retaliatory tactics against this employee," said OSHA Assistant Secretary David Michaels. "This employee showed great courage reporting potential fraud and standing up for the rights of other employees to do the same."

Read the full story at Housingwire.

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