Well, that didn’t take long…

From Forbes


Is Another Major Mortgage Investigation Really Necessary?

Another day, another bank investigation.

New York’s Attorney General Eric Schneiderman has launched an investigation into the way Bank of America, Goldman Sachs and Morgan Stanley packaged and sold mortgages to investors.

There are some, like prominent bank analyst Dick Bove of Rochdale Securities, who say Schneiderman’s new investigation is over the top. Bove calls Schneiderman’s  a “witch hunt” and says the efforts are more likely a way for the AG to “make a name for himself.”

“Only in New York does the attorney general’s office go after the state’s strongest industry. In Texas, you don’t have the attorney general going after the oil industry, in Michigan you don’t have the attorney general going after the auto industry and in Florida you don’t have the industry going after the tourist industry. In New York you have the attorney general’s office constantly attacking the hand that feeds them. This guy is making a name for himself like the others have done in the past,” Bove said referring to the likes of Eliot Spitzer and Andrew Cuomo.

“There are over 10,000 suits filed against JPMorgan Chase and they are supposed to be the good guys. If you assume Bank of America and Wells Fargo are facing something similar then there are 30,000 to 35,000 suits out there against these banks,” he says.

You can check out the rest here…

Disturbing, isn’t it?

I suggest getting involved in the comments over at Forbes…