Biden's Heirs Split Over Bank Foreclosure Probe - PhillyInquirer

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Biden's heirs split over bank foreclosure probe
Posted by Joseph N. DiStefano - PhillyInquirer
MONDAY, SEPTEMBER 12, 2011

Delaware’s Attorney General Beau Biden is leading calls for renewed investigation and prosecution of giant US banks for their role in the home foreclosure mess. But Delaware’s Governor Jack Markell, worried about thousands of bank jobs in Wilmington, wants to settle the "controversies" quickly so banks start lending again (and hiring his voters in recession-wracked Delaware).

Both are Democrats. The Attorney General is the son of former US Sen., now Vice President, Joe Biden. The senator's role in shaping US banking policy includes his crucial support for the GOP- and credit card bank-backed US bankruptcy reform law of 2004 - which ended up boosting foreclosures, according to this report by a Federal Reserve Bank of Philadelphia scholar.

In this brief statement, the younger Biden objected to the marginalization by other state law enforcement officers of New York AG Eric Schneiderman as talks with Bank of America, JPMorgan and other lenders on how they mishandled hundreds of thousands of home loan foreclosures and sales of risky loans to bond investors approached a climax.

"Schneiderman has and continues to raise important and legitimate concerns about the scope of the releases being demanded by the banks as part of the multistate settlement," and Biden supports him, he wrote. "The events leading up to the mortgage crisis must be fully investigated, including origination and securitization practices, before any broad immunity is granted -- the American people deserve an investigation," implying that other state AGs are sweeping the matter under the rug.

More: http://www.philly.com/philly/blogs/inq-phillydeals/Governor-defends-banks-as-Biden-Jr-attacks.html

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