New York AG Eric Schneiderman Hires Prosecutor for Mortgage Probe

New York AG hires prosecutor for mortgage probe

(Reuters) – New York Attorney General Eric Schneiderman has hired a former federal prosecutor to help bring lawsuits over misconduct in the mortgage-backed securities market during the financial crisis.

Virginia Chavez Romano, a former assistant U.S. attorney in New York, will help Schneiderman as he coordinates with a federal task force on the mortgage meltdown, Schneiderman spokesman James Freedland said on Monday.

The Obama administration formed the task force in January to probe fraud and abuse in the mortgage-backed securities market. Schneiderman is co-chairman of the group. So far, little activity has been made public and federal authorities have been criticized for not pouring enough resources into the effort.

Romano, who led an investigation into mismarked mortgage-backed securities while an assistant United States attorney, is working closely with the task force, Freedland said.

Rest here…

Unfortunately, that “mismarked” investigation appears to have gone nowhere…


10 Responses to “New York AG Eric Schneiderman Hires Prosecutor for Mortgage Probe”
  1. joe p says:

    Is he any better then Cuomo that bullshit artist. He took over 1 million from an out of state land he was prosecuting. They became friends suddenly over night and the landlord paid him the one million. Isn’t politics nice.

  2. To Tell The Truth says:

    Let us not be too quick to misjudge…let’s see where this will lead! evidently he has not settled only for the settlement but is pursuing other areas…which would be a huge help to homeowners…after all, the homeowners are only the pawns…if they can tract the fraud from this direction then it will throw light on the mortgages and notes…

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

    The way I see it, if the AG will get his prosecutor to prosecute any sizable pooling of mortgages that led to the investors losses, then GO FOR IT.

    If they can get any traction in such a case, showing that the pooling had problems, it also would be leverage that homeowners can use in their own fights.

    If you are expecting the feds to litigate your personal mortgage, you are deluding yourself. Instead of that, I would like to see federal cases brought that strike at the claim that the pools contained the loans. The more that the feds bring that type of suit, the better off the borrowers are also.

    While the feds will only litigate cases where they have a solid case, the prosecutor will potentially also be lobbied by the administration to avoid cases that would invalidate large numbers of mortgage pools. Any significant hit to the mortgage pools could have both buy-backs demanded of the Banksters and more litigation by borrowers. Together, the combination could cause the administration to see a risk of needing a further bailout of the TBTF that they can not regulate.

    The AG and the prosecutor will be encountering some heavy lobbying.

    • To Tell The Truth says:

      I could not have said it better myself! Right on the mark! Wonder what happened to those older loans that were at the start of the sub prime introduction or pre subprime? How are those being handled?

  4. joe parisi says:

    Just another cover up as usual. was contacted by his office. Went no where. criminal complaint filed against One West Indy Mac. No answer. If an ordinary citizen in these United States, were to forge signatures, titles, etc, would they not be subject to criminal charges as the banks have not been!

    • joe parisi says:

      You got that right. Aren’t you glad you and I lost friends in Vietnam and other wars? Is there a level playing field anymore? All we want is equality for ALL! Simple isn’t it?

  5. Bobbi Swann says:

    More smoke from New York!!!!

  6. readdocs says:

    As always, if you want it done right, you have to do it yourself.
    He’s no different than any other political critter.

  7. Pamela Edwards says:

    Don’t know that I would trust him on anything especially this.Sold us down the river for the sake of political gain and financial gain.

  8. Ken Hansen says:

    Wow, a hiring. And to think he’d sold completely out to the Obama Administration and TBTF, not necessarily in that order.

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