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The One Attorney General Really Standing Up to the Banks Recently Just Got Removed from the 50-State Committee

Uncategorized August 24, 2011

NY Attorney General "Schneiderman, who has undertaken investigations into the way banks bundled and sold pools of mortgages, known as securitization, has said any settlement should not release banks from liability for all their mortgage-related sins committed before the financial crisis. Attorneys general from several other states, including Delaware, Nevada and Massachusetts, have expressed similar concerns." He’s been very vocal on this point lately and has reportedly even been taking pressure from the Obama Administration to back off. Now he’s been kicked out of the committee. Why are all the higher up’s in politics seemingly in bed with these big banks!?!?

"Schneiderman has insisted that too hasty a settlement could let banks off too easily. He wants a more comprehensive investigation into all aspects of the mortgage crisis, followed by a larger settlement that would bring relief both to struggling homeowners and large institutional investors who bought mortgage-backed securities that turned out to be worthless."

"In a statement, spokesman Danny Kanner said Schneiderman remains “committed to a comprehensive resolution” to all mortgage abuses and that “ongoing investigations by attorneys general cannot be shut down by efforts to settle quickly.” He said Miller’s decision would not prevent Schneiderman from continuing “to be an active voice on these issues as a part of the 50-state coalition and in other forums.”

http://www.washingtonpost.com/business/economy/ny-bumped-from-50-state-foreclosure-committee/2011/08/22/gIQAG636ZJ_story.html

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