New York Attorney General Eric Schneiderman expects to lead opposition to what he called a “quick, cheap settlement” of a 50-state investigation into foreclosure practices.
In the strongest comments to date about the state AG settlement with top banks over foreclosure fraud, New York Attorney General Eric Schneiderman vowed to oppose the deal, striking a near-fatal blow to the effort.
NY AG Schneiderman: “I’m Not Signing Onto A Foreclosure Fraud Settlement”
Schneiderman put the monetary settlement being discussed with the largest U.S. mortgage servicers at $20 billion to $25 billion and said he will take “the hardest line” against it.
If one bank has to agree to deliver $8.5 billion to one set of investors on one group of mortgage-backed securities, can you see how a $20-$25 billion settlement is woefully inadequate?
The probe began in October. New York launched its own investigation two months ago and Schneiderman said he has found the problem is much deeper. He said he was “stunned” to find the multi-state probe so lacking that no documents or witness depositions had been obtained.
“We have no leverage,” Schneiderman said during a meeting Monday with the Democrat and Chronicle editorial board.
Iowa Attorney General Tom Miller is helping lead the multi-state case. He and Schneiderman are part of the 14-member executive committee of attorneys general working with federal officials on the matter.
STANDING UP STANDING TALL
Miller has heard concerns raised by other attorneys general as well, spokesman Geoff Greenwood said. Not all states must sign off, he said, but New York “is a very significant state.” He called the settlement “still a work in progress.” (????)
Greenwood declined to comment on specifics of the negotiations. Responding to Schneiderman, however, he said, “respectfully … we have more than adequate investigative material between the states and our federal partners.”
Any settlement also would tighten rules governing foreclosure practices and likely require states to release lenders from future claims. Schneiderman has objected, telling Bloomberg Businessweek that states should remain free to pursue independent investigations. On Monday, he said, “I’ve told them I’m not going to give full release.”
Democrats Being Held Accountable: Christopher Dodd & Barney Frank Going Under The Bus?
While Rothschild Simply Walks Away?
The Democrat/British Engineered Schemers propelled the Housing Bubble through predatory lending schemes with fraudulent paper work (derivatives) then subsequently allowed attempted foreclosures upon untraceable initiated mortgage deeds aka; worthless derivatives. Further, it was this same party that iced S.190 and closely related bills, to come before congress for a vote in 2001, 2003, & 2005. S.190 would have prevented Frank And Dodd from engineering the Housing Bubble and its necessary fallout (Pump/Dump Ponzi Scheme) using worthless derivative paper.
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- Round Up The British Dynasty & Their Ilk, For Their Very Own Nuremberg: Devil Is Exposed
- Flag This! – $550 Billion USD Absconded From Federal Reserve Within 30 Minutes.
Where Are The Fraudsters Moving – To Live And Play?
Banking Cartel’s New Las Vegas – Dubai : Their Milk Money? – The United States!
Political Vel Craft 