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Banks square in mortgage fraud crosshairs again
Banks square in mortgage fraud crosshairs again
By John W. Schoen, Senior Producer
In the Wild West of the ongoing mortgage mess, there’s a new sheriff in town. And he’s not handing "Get Out of Jail Free" cards in return for a $25 billion check.
The appointment of New York Attorney General Eric Schneiderman to head a special task force that will investigate mortgage fraud marks a turning point in a year-long effort to resolve a wave of legal challenges to abusive and illegal foreclosure practices.
<...>
"My concern ... has always been to make sure that we're not releasing claims that obviously now are even more important to me because I'm investigating them," he told reporters Wednesday.
<...>
Schneiderman holds several powerful legal cards that the other 49 AGs don’t. New York’s anti-fraud Martin Act gives him broad subpoena powers other state prosecutors lack. Some New York state securities laws apply to Wall Street firms based in the state. Many of the pools of mortgages that were chopped up into bonds are held in trusts registered in New York.
- more -
http://bottomline.msnbc.msn.com/_news/2012/01/26/10244290-banks-square-in-mortgage-fraud-crosshairs-again
By John W. Schoen, Senior Producer
In the Wild West of the ongoing mortgage mess, there’s a new sheriff in town. And he’s not handing "Get Out of Jail Free" cards in return for a $25 billion check.
The appointment of New York Attorney General Eric Schneiderman to head a special task force that will investigate mortgage fraud marks a turning point in a year-long effort to resolve a wave of legal challenges to abusive and illegal foreclosure practices.
<...>
"My concern ... has always been to make sure that we're not releasing claims that obviously now are even more important to me because I'm investigating them," he told reporters Wednesday.
<...>
Schneiderman holds several powerful legal cards that the other 49 AGs don’t. New York’s anti-fraud Martin Act gives him broad subpoena powers other state prosecutors lack. Some New York state securities laws apply to Wall Street firms based in the state. Many of the pools of mortgages that were chopped up into bonds are held in trusts registered in New York.
- more -
http://bottomline.msnbc.msn.com/_news/2012/01/26/10244290-banks-square-in-mortgage-fraud-crosshairs-again
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