New York Attorney General Eric Schneiderman – Wall of Fame Winner

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Attacking the foreclosure crisis

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Piggybankblog posted 05/03/12

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Cross linked with nydailynews.com

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In the last decade, the United States experienced the biggest housing bubble in the history of the world. When the bubble burst, Americans lost $7 trillion in household wealth, millions of jobs disappeared and the nation was plunged into the deepest and longest recession in 70 years.

There have recently been some mischaracterizations of the mortgage-backed securities working group created in January by President Obama to investigate the roots of this crisis — a working group I am proud to co-chair.

Here are the facts.

My office — along with the Justice Department, the SEC, the Consumer Financial Protection Bureau, the IRS and our other partners — is working aggressively to provide accountability for any misconduct that contributed to the bubble and crash in the housing market. More than 50 attorneys, investigators and analysts have already been deployed to support our investigations, with many more on the way. The President has requested a congressional appropriation of an additional $55 million to ensure that we have the resources to do a thorough job.

However, this is a law enforcement exercise, not a public policy decision, and must proceed in a rigorous and deliberate fashion. Like any ongoing investigation, the details about the scope of our inquiry are confidential. But I remain committed to following the facts wherever they may lead.

The reckless deregulation and irresponsible conduct that brought down the American economy must be systematically investigated. At the same time, we must deliver as much immediate relief as possible to protect families whose homes are at risk now.

New York has a pretty good set of laws to protect against wrongful foreclosure. But those laws are of little use to the many New York homeowners — about half — who faced foreclosures in recent years without a lawyer.

That’s why, when I joined my fellow state attorneys general to negotiate a settlement with the five largest mortgage servicing banks over abusive servicing and foreclosure practices, I made it a top priority to get immediate funding for legal services for homeowners facing foreclosure.

On April 5, our office received court approval of a settlement that comprehensively reforms mortgage servicing and the foreclosure process, and commits the banks to reaching out and working with New Yorkers whose homes are underwater. Thousands of New York families should receive reduced interest rates or actual reductions in principal owed.

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6 Comments

    • Piggybankblog says:

      Interesting comment Shelly. I know that many see him as a hero. I am curious to why you think he should be in the Wall of Shame vs. the Wall of Fame?
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      Thank you for your thoughts.
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      Your friend always,
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      My name is John Wright AND I AM FIGHTING BACK!
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      John Wright
      Piggybankblog.com

    • Piggybankblog says:

      Interesting comment Shelly. I know that many see him as a hero. I am curious to why you think he should be in the Wall of Shame vs. the Wall of Fame?
      .
      Thank you for your thoughts.
      .
      Your friend always,
      .
      My name is John Wright AND I AM FIGHTING BACK!
      .
      John Wright
      Piggybankblog.com

  1. Indeed John, the public relations machine is on over drive to hail Schneiderman as our knight in shining armour instead of the political pawn straw man that he actually is. The President and the DOJ have been in charge of this ‘investigation’ for three years. All of the sudden we embark on the final 10 month stretch to an election and THE weak link for the re-election campaign is precisely the economy. The President can’t even point to a significant attempt at justice for the collapse of our economy nor can he even state with sincerity that anything has changed to prevent such a crime in the future. Neither of these things can be done because the blood money is needed for the campaign (campaigns to be more accurate). Some mastermind invented this task force distraction and Schneiderman is charged with the job of flailing around to keep our attention while business as usual between the politically-connected and economically-elite continues. At the most politically opportune moment (August probably), some sweeping announcement will be made about indictments just in time for the election. Either these will be small fry – as they have been for 3.5 years now – or they will be big fry that are never truly prosecuted and definitely never convicted. Of course it is shameful of Schneiderman to play an important role in this continued injustice on our great nation for his own personal gain. These sell outs are cowards and a national disgrace. We Shall Never Forget!

  2. Indeed John, the public relations machine is on over drive to hail Schneiderman as our knight in shining armour instead of the political pawn straw man that he actually is. The President and the DOJ have been in charge of this ‘investigation’ for three years. All of the sudden we embark on the final 10 month stretch to an election and THE weak link for the re-election campaign is precisely the economy. The President can’t even point to a significant attempt at justice for the collapse of our economy nor can he even state with sincerity that anything has changed to prevent such a crime in the future. Neither of these things can be done because the blood money is needed for the campaign (campaigns to be more accurate). Some mastermind invented this task force distraction and Schneiderman is charged with the job of flailing around to keep our attention while business as usual between the politically-connected and economically-elite continues. At the most politically opportune moment (August probably), some sweeping announcement will be made about indictments just in time for the election. Either these will be small fry – as they have been for 3.5 years now – or they will be big fry that are never truly prosecuted and definitely never convicted. Of course it is shameful of Schneiderman to play an important role in this continued injustice on our great nation for his own personal gain. These sell outs are cowards and a national disgrace. We Shall Never Forget!

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