Right, the issue is that it was more than loan officers. It's been a while so my memory might not be as clear on this, but I believe there were also banks wrongly foreclosing on houses, banks that were misrepresenting the health of the mortgages in their structured investment products, etc.
Also, it's a little bit unfair to say 'tell me what laws were broken and who broke them' when the crimes weren't investigated and prosecuted. The way you investigate something like this is you start with the loan officer and then you work your way up to their manager, their director, their managing director, to the executives at the firm. If that doesn't happen, then it becomes impossible to answer the questions that you're asking, quite by design.
Countrywide ran its mortgage unit like shit and looked the other way when low level minions did shady crap because "Powerpoint charts are awesome"
It imploded
Bush Administration made Bank of America an offer it could not refuse and it bought Countrywide. Note: Bank of America, like lots of Banks steered clear of high risk bullshit some of the players back then were pulling.
Bank of America began the purge of countrywide assholes and did what it could to get rid of the garbage n the books
So who do you punish?
Do you punish "Wall Street" (Ken Lewis, CEO of BOA at the time)
Or do you chase down all the low level minions at the former retail operations on main street.
The people doing the crime were lower middle class all over the country in small towns everywhere.
The people pressuring the minions and overlooking the obvious were middle class.
The people monitoring the power points were slightly upper middle class.
The people tasking those powerpoints and presenting to upper management were upper middle class
The people charge with setting the tone that empowers or discourages risk were higher upper class
The people overseeing it all and basically to make sure all that shareholder value shit looks spliffy are money bags
How do you punish each tier?