Abigail Field | Schneiderman Sues BNY; Homeowners Validated; Will Deutsche Bank Be Next?

Schneiderman Sues BNY; Homeowners Validated; Will Deutsche Bank Be Next?

With one court filing, Attorney General Eric Schneiderman has transformed the mortgage backed securities liability landscape. By intervening and opposing the Bank of America/BNY global settlement of mortgage backed securities claims, Schneiderman served notice to the big banks that they will not be able to cut self-serving deals to escape liability to investors. By suing Bank of New York for fraud at the same time, he reminded banks that they face liabilities for their actions as trustee (as Yves Smith has been pointing out at Naked Capitalism for some time now.) In fact, given that everything Schneiderman alleged about BNY’s actions as trustee (other than the deal with BofA) could be said about Deustche Bank, US Bank, Wells Fargo, and JPMorgan Chase (all as Trustee), are those suits coming?

Schneiderman also put the judiciary on notice: take homeowners seriously when they raise a bank’s right to foreclose because the bank’s papers are likely flawed.

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13 Responses to “Abigail Field | Schneiderman Sues BNY; Homeowners Validated; Will Deutsche Bank Be Next?”
  1. lvent says:

    Yes, please AG SCHNEIDERMAN, go get Deutsche Bank of the Bin Laden family and all of the other Nazi’ douche bags………..

  2. Wayne says:

    Have I mentioned ….. I am in Love with Abigail. She is my light at the end of the Tunnel. I have read every post she has ever written on this matter …. a true HERO. My Hero!!! Now I want this guy to be the Attorney General of the United States ….. or President!

  3. lies is all they tell says:

    write him all tell him about your corupt state he has to know its bad out here in people land

  4. How can we have AG Schneiderman type of AG ( s) in every state ?

  5. Fury says:

    “Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
    George S. Patton

    Go get those crooks, AG Schneiderman!!!

  6. joe parisi says:

    Let’s replace Obama’s Holder with Schneiderman. He’ll go after these banksters federally.

  7. Bill McAuliffe says:

    YES!!!!!! Always wondered why Countrywide had their payments sent to Bank of NY Mellon, well here’s your sign!

  8. lies is all they tell says:

    leave it up to new york!!!! florida is darn corupt.

  9. lvent says:

    WOOHOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Let’s ALL get behind this man!!!!!!!!!!!!!!!!!!!

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