Rebecca Steele Cleared With Prejudice in 2008 Financial Crisis

Rebecca Steele Cleared With Prejudice
in 2008 Financial Crisis

Rebecca Steele, CEO and President, Sigma Associates, LLC
Chair, NAWRB Diversity and Inclusion Leadership Council (NDILC)

In October 2013, Rebecca Steele became the only person found liable for their part in the 2008 financial crisis. This verdict was the result of a 2012 civil lawsuit filed by the office of Manhattan U.S. Attorney Preet Bharara against Steele and Bank of America Corp., which alleged that Countrywide Financial Corp.-now owned by Bank of America Corp.-misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac in its 2007 “Hustle” program.

With a now questioned reputation and a $1 million fine from U.S. District Judge Jed Rakoff, Steele, at that time the only woman in senior management at Countrywide, began her turbulent journey to clear her name.

The process of proving her innocence has been plagued with difficulty, taking a significant toll on Steele’s life both personally and professionally.

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