State Attorney Generals Schneiderman and Coakley Call for DeMarco to Go

By: Wednesday April 3, 2013 2:00 pm

New York Attorney General Eric Schneiderman and Massachusetts Attorney General Martha Coakley have called for Federal Housing Finance Agency head and notorious Wall Street puppet Edward DeMarco to be removed from office.

In an op-ed in Politico, Schneiderman and Coakley join a long line of critics noting DeMarco’s commitment to screwing homeowners.

 

The Housing Task Force That Wasn’t

By: Friday February 15, 2013 6:59 am

Anyone remember that Mortgage Task Force President Obama put together to finally take on Wall Street over rampant fraud in the mortgage market? You know, the one Obama announced while running for re-election after having done exactly nothing to help struggling homeowners while shoveling taxpayer money to the banks. Well, apparently even that miniscule gesture was not only empty but fraudulent.

Schneiderman Files Suit Against Credit Suisse for Securities Fraud, Days After SEC Settled Same Conduct

By: Tuesday November 20, 2012 2:35 pm

Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan Chase over Bear Stearns’ MBS business. Curiously, both of these banks engaged in settlements just this past weekwith the SEC over precisely the same conduct, settlements where they didn’t have to admit wrongdoing.

JPMorgan Chase, Credit Suisse Don’t Have to Admit Wrongdoing in Another SEC Settlement

By: Saturday November 17, 2012 10:00 am

In another in a long line of weak settlements where the perpetrators of fraud don’t have to technically say whether or not they’ve committed it, the Securities and Exchange Commission reached agreement with JPMorgan Chase and Credit Suisse on a collection of violations related to the handling of mortgage backed securities.

Schneiderman’s Office Seeing Staff Exodus

By: Monday October 8, 2012 6:30 pm

Much like a winning sports team, everyone wants to be part of a winner and nobody wants to be part of a loser. If there’s a perception that things are getting done in a political office, and that the office is rising to prominence, in a general sense people want to associate themselves with that. Maybe these staff departures have their particular reasons, and maybe they’re just climbs up the political ladder. The mayor of New York City or the Obama campaign or the New York Governor may be perceived as a step up from the New York Attorney General. I don’t know how Blake Zeff’s departure “to write about the presidential race” fits with that explanation, or all the lawyers leaving. But if the office was nailing corrupt actors left and right and gaining a reputation for toughness and accountability, I just don’t think this would be happening.

Schneiderman Signed Tolling Agreements With MBS Issuers to Extend Statute of Limitations

By: Friday October 5, 2012 10:40 am

A financial firm or any other defendant doesn’t allow a tolling agreement out of the goodness of its heart. It comes out of a negotiated process. The prosecutor gets to stop the clock on the statute of limitations but must give up something in return. Maybe they’re given the opportunity to stop Schneiderman from filing a case at all, or maybe they’ve moved immediately to the settlement phase. Or maybe Schneiderman got the tolling agreement in exchange for agreeing not to prosecute or name any individuals in the cases. A tolling agreement isn’t free, in other words. And it would be good to know the cost of this.

The Potential Conflict of Interest Issue Inside the Schneiderman/JPMorgan Chase Case

By: Wednesday October 3, 2012 9:28 am

Much thanks to FT Alphaville for highlighting my storyabout Eric Schneiderman’s lawsuit against JPMorgan Chase over Bear Stearns’ dodgy mortgage-backed securities deals. As I have stressed, nothing in this case indicates there’s been much new investigation at all, or participation from the federal task force. It borrows liberally from a lawsuit by mortgage bond insurer Ambac, which was filed by Karla Sanchez, a former litigator who now works in Schneiderman’s office as the Deputy AG for Economic Justice.

Timing and Scope: The Issues With the Schneiderman JPMorgan Chase Lawsuit

By: Tuesday October 2, 2012 11:35 am

the lawsuit against Bear Stearns on securitization fraud put together by Eric Schneiderman’s office is that it’s rooted in reality. My issues are primarily with timing and scope. There’s no reason this case couldn’t have been filed in 2011. There’s literally nothing in the case that advances what we knew from these other cases in any meaningful way. If the New York AG’s office wanted to pursue a parallel proceeding, they had every ability to do it in 2011, before the foreclosure fraud settlement. Now they’ve given up claims they could have pursued.

Schneiderman Sues JPMorgan Chase; Lawsuit Mirrors Old Cases

By: Tuesday October 2, 2012 6:10 am

The delay in bringing the case cost tens of billions of potential exposure for JPMorgan Chase. And more than anything, the lack of federal participation in the suit shows that the federal agencies involved in the task force are simply disinterested in prosecution, forcing Schneiderman to cobble together an off-the-shelf suit from other sources to make it look like this move against the banks represents anything real. The timing, one month before voters go to the polls in the Presidential election, is similarly obvious.

Financial Fraud Prosecutions Coming Soozzzzzzzzzzzzzzzzzzz…

By: Friday September 21, 2012 10:45 am

I strongly considered not even remarking on the “news” that the long-silent Residential Mortgage Backed Securities (RMBS) working group, the vaunted task force that would finally and definitively bring accountability to the perpetrators of the financial crisis, would soon, really this time, announce major actions. If you want to announce something, go ahead and announce it. This string-along is really embarrassing.

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