N.Y. Plans Homeowner Enforcement Against Financial Firms
Original Amazing Schneiderman post here…
New York Attorney General Eric Schneiderman said he will announce new enforcement actions against major financial institutions as part of his effort to “protect New York homeowners” after calling the first such lawsuit last year a “template” for future litigation.
In October, Schneiderman sued JPMorgan Chase & Co., alleging that Bear Stearns, which JPMorgan took over in 2008, deceived mortgage-bond investors about defective loans backing securities they bought, leading to “monumental losses.” He said the case would be a model for future actions against banks that issued mortgage bonds during the real estate boom. He sued Credit Suisse Group AG on similar grounds the next month.
“We do expect this to be a matter of very significant liability, and there are others to come that will also reflect the same quantum of damages,” Schneiderman said last year. “We’re looking at tens of billions of dollars, not just by one institution, but by quite a few.”
New York was one of 49 states that reached a $25 billion settlement with five mortgage servicers, including Bank of America Corp. (BAC), Wells Fargo & Co., and JPMorgan, to end a probe of abusive foreclosure practices. Schneiderman’s office had agreements with 12 financial institutions that preserved claims that might be filed against them, a person familiar with the matter said last year. The so-called tolling agreements prevented the statute of limitations, which bars litigation after a specific number of years have passed, from expiring.
Rest here…
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I think Eric Sneiderman is doing a great job for homeowners, after all, the average man can’t go up against a multi trillion dollar bank without the help of the legal system- the lawyers, judges and courts who are leveling the playing field and doing what is just, right and fair!!!
Eric Schneiderman needs to go after middle management and lower level executives who carry out unethical and/or illegal operations on behalf of the upper echalon who claim ignorance to the day to day operations of the bank. Since the head of the snake is too far and big to chop off…then start chipping away at the body of the snake until you reach the head…go after these banks financially and criminally!
“Bank hell: Five years in litigation, attorney’s took a dive, concealed evidence of fraud. Judge ruled in favor to let banks foreclose and turned a judicial blind eye! The case was said to be final, blatant fraud swept under the lies of corruption by the ‘club of too big to trial, and the house was put on sheriff sale row for the next phase of govt. bank bailouts & more “homeowners hell!”
(The bank system in one word: d_evil)
I agree its just more blah blah blah
Sorry everyone but he may as well open his trap and mutter ‘blah, blah, blah’!