Alliance | NY AG Schneiderman and FHFA Inspector General Linick Share Resources & Evidence

Alliance to bolster home loans probe

By Shahien Nasiripour in New York

The collaboration between New York’s top prosecutor and the federal auditor overseeing half of the US home loan Findings from the New York market raises the spectre of criminal probes and increased scrutiny of Wall Street’s once-lucrative role in packaging mortgages into securities.

Eric Schneiderman, New York attorney-general, has the power to file criminal charges as part of his investigation into banks’ role in packaging mortgages into securities for sale to investors, who have suffered hundreds of billions of dollars worth of losses.

The partnership is bolstered by Mr Schneiderman’s ability to use the Martin Act, a 1921 state law that allows him to bring misdemeanour and felony criminal charges against alleged wrongdoers doing business in New York. The prosecutor can operate across state lines, essentially acting on behalf of investors across the US.

In court filings, Mr Schneiderman has alleged that Bank of America fabricated documents when foreclosing on mortgages of delinquent borrowers. He has also argued that some mortgage-backed securities were not properly constructed, and thus may not be securities at all – an explosive allegation that experts say could result in big losses for financial institutions that pooled the loans into securities and

The joint effort also creates an easier path for Mr Schneiderman to obtain documents from national banks and depose their current and former employees without running into objections from federal bank regulators. Federal regulators can stifle state probes against national banks by arguing that state officials lack authority, a legal principle known as pre-emption.

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Please EVERYONE, call or email a thank you to:

Nevada AG Masto who sued LPS on Friday (775) 684-1100) and,

NY AG Schneiderman (1-800-771-7755) and,

FHFA IG Linick (800-793-7724, email to: OIGHOTLINE@FHFA.GOV ).

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4closureFraud.org

Comments
7 Responses to “Alliance | NY AG Schneiderman and FHFA Inspector General Linick Share Resources & Evidence”
  1. jaclyn says:

    Thank you for fighting for us when so few will. I pray your efforts will end in prosecutions and punishments. What Banks are doing is nothing short of criminal. Crimes damage people and we have been damaged. God bless you !!

  2. Me and Me Too says:

    I said this a while ago We should all wear Eric Schneiderman T-Shirts and Sweat Shirts. If successful at helping harmed homeowner’s he should be our candidate for President. It might sound like an over reaction but he did not back down. We need more Eric Schneiderman’s.

    I agree that all Foreclosures must be stopped and independent panel look at each and every one of our cases and prosecute the servicers the lawyers the brokers and the Loan Officers that caused immeasurable harm to so many families.

    Thank you Eric Schneiderman

  3. Carol Gregor says:

    Thank you for being a leader when so few are found. Please stop foreclosures now before more people are hurt. The homeowner was an investor also and no one mentions her.
    Thank you

  4. Bill McAuliffe says:

    Tying litigation from Financial Institutions in New York, e.g. Mellon, Goldman, et.al. is a HUGE deal when it can become applicable to the whole Union. Thank you Mr. Schneiderman and Mr. Linick. Coutrywide had, I believe, all of its’ payments sent to Bank of New York Mellon. God knows where that money ended up.

  5. Fury says:

    hallelujah!!!!!

    i am so thankful for eric schneiderman.

    i wish he would announce a moratorium on all foreclosures and all evictions ASAP!

  6. Ken Hansen says:

    Good!

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