New York AG Schneiderman Comes out Swinging at BofA, BoNY

New York AG Schneiderman Comes out Swinging at BofA, BoNY

This is big.  Though we’ve seen leading indicators over the last few weeks that New York Attorney General Eric Schneiderman might get involved in the proposed Bank of America settlement over Countrywide bonds, few expected a response that might dynamite the entire deal.  But that’s exactly what yesterday’s filing before Judge Kapnick could do.

Stating that he has both a common law and a statutory interest “in protecting the economic health and well-being of all investors who reside or transact business within the State of New York,” Schneiderman’s petition to intervene takes a stance that’s more aggressive than that of any of the other investor groups asking for a seat at the table.  Rather than simply requesting a chance to conduct discovery or questioning the methodology that was used to arrive at the settlement, the AG’s petition seeks to intervene to assert counterclaims against Bank of New York Mellon for persistent fraud, securities fraud and breach of fiduciary duty.

Did you say F-f-f-fraud?  That’s right.  The elephant in the room during the putback debates of the last three years has been the specter of fraud.  Sure, mortgage bonds are performing abysmally and the underlying loans appears largely defective when investors are able to peek under the hood, but did the banks really knowingly mislead investors or willfully obstruct their efforts to remedy these problems?  Schneiderman thinks so.  He accuses BoNY of violating:

Rest here…

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4closureFraud.org

Comments
10 Responses to “New York AG Schneiderman Comes out Swinging at BofA, BoNY”
  1. Ron Moss says:

    How do you evaluate Fiducary?

  2. Alex says:

    TARP and QE1,2,3 = Medicare, Social Security etc. Why do the criminals get payed from the peoples accounts? Prosecute the people and companies who laundered our money! The DEBT that need be payed is to the PEOPLE who INVESTED and LOANED the Govt.

  3. lvent says:

    Go AG Schneiderman!!!!!!!! The people will get behind you if you do the right thing for the American people, the vicitms of the biggest Ponzi Scheme Swindle and Heist of the American people in history!!!!!!!!!!!!! STOP FORECLOSUREGATE, THE TRUTH WILL SET US FREE AND PUT AN END TO THE PLANS OF THE EVIL EMPIRE WHO ARE THE ELITE GLOBALISTS A/K/A THE U.N./ NEW WORLD ORDER… Ellliot Spitzer for president, AG Schneiderman for VP………………………………..9/11 TRUTH!!!

    • lvent says:

      THE INVESTORS KNEW THEY WERE TAKING A RISK WHILE INVESTING………THEY GOT INCREDIBLY WEALTH EVEN AFTER THE INVESTMENTS CRAPPED OUT.AS A RESULT OF THE ILLEGAL TAX-PAYER FUNDED BAILOUTS..WHICH WERE EXTORTED OUT OF THE AMERICAN PEOPLE BY TERRORISTS IN CONGRESS…HOMEOWNERS ARE WHO GOT SCREWED, NOT THE FOREIGN INVESTORS……..THE AMERICAN PEOPLE ARE WHO WERE SWINDLED AND ROBBED
      BUT IF THE FOREIGN INVESTORS, THE PURCHASERS OF AN INTEREST IN THE FRAUDULENT MORTGAGE SECURITIES ARE NOT HAPPY, THE INVESTORS CAN MAKE A CLAIM AGAINST THE ORIGINATOR, NOT AGAINST OUR PROPERTY, THANK YOU VERY MUCH……..THE INVESTORS PROBABLY KNOW THAT TRYING TO INITIATE A LAWSUIT AGAINST ALL HOLDERS OF THE CHAIN IS IMPOSSIBLE…………WELL DUH???? THAT IS WHY INVESTING IS GAMBLING…………………..THEY GOT RICH BUT NOW IT IS GAME OVER……………….TIME FOR THE AMERICAN PEOPLE TO BE PAID RESTITUTION FOR ALL OF THE MASSIVE AND PERNICIOUS FRAUD THAT HAS BEEN COMMITTED IN OUR NAMES,

      • lvent says:

        BTW, MAY I ADD, THE INVESTORS _DO NOT_ HAVE A SECURED MORTGAGE CLAIM…THESE ARE NOT AND NEVER WERE, SECURED DEBTS…………………………………….

  4. Joyce Cauthen says:

    Massachusetts is requiring a mediation of any potential foreclosure. But to that end, it must be done in a very special way and in the end, I believe that with all that has gone on, these issues can be resolved. I hope that I am not wrong as these issues presented to us by the banks are far reaching – a truce is needed to make it a win win situation to the best degree that we can. Let us begin now and as a “we the people” and “we the banks” if that is possible.

    Now I believe people are ready with the exception of a select few. The majority of the American people are not making any move to support those that have been harmed, so let’s end this thing so that those that were harmed can get proper restitution and the banks will have to follow the new reforms – OCC is out and other regulatory right along with them. The people need to elect a new congress – I actually thought I saw one of the congress people look up the other day but I am not sure how they were able to hold their head up knowing that they worked in tandem with the financial onslaught of America.

  5. Hell No, No More Bail-OUTS says:

    If you can supply the details of your mortgage SUPPOSEDLY being in a “BNY-Mellon as the trustee” Trust for a CountryWide or quasi-CountryWide mortgage (the fictitious “America’s Wholesale Lender Corporation” loans, for example), then get yourself over to the NY AG’s website and submit the information about your mortgage and the pool.

    I reported my 2005 mortgage that SUPPOSEDLY was in a CWABS trust with BNY-Mellon as Trustee. Strangely, I have LPS and Litton fabricating the assignment in 2010 after they concocted the NOD in 2009. That assignment is as phony as can be. The prior month, Litton had filed papers in my BK case where their Proof of Claim cited that they were acting on behalf of the BNY-Mellon Trustee for the CWABS trust.. Of course no proper documents existed to back up that claim. Instead of creating the phony assignment and then filing the Proof of Claim, they did it the other way around. What a JOKE. That assignment was already 5 years too late for the 2005 pool.

    Schneiderman/s office confirmed they were sending that information to the mortgage investigation staff. I had known they were investigating Securitization. My response from their office was the first that I knew they were apparently delving into mortgages such as my own that is so fraudulent that it could NEVER LEGALLY have been transferred at ALL. (If the entity does NOT EXIST, there is NO EMPLOYEE to sign a legal document on its behalf which means there can not be any MERS signer for that entity either!)

  6. Fury says:

    AG schneiderman,
    please protect defrauded homeowners. we are the ultimate defrauded investors.
    we invested everything in our homes and they were stolen from us!

  7. Ron Moss says:

    You saw what they did to JFK and Judge Mahoney back in 1968 in Minnasota better get the carpenters building the casket. These aMafia type bankers come better prepared than you might think

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