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NY Attorney General Booted from Mortgage Company Settlement Task Force

HeadlinesAug 24, 2011

New York Attorney General Eric Schneiderman has been kicked off a 50-state task force negotiating a possible settlement with the nation’s largest mortgage companies. The move came just one day after the New York Times reported that the Obama administration was pressuring Schneiderman to agree to a broad state settlement with banks over questionable foreclosure tactics. The federal settlement has been widely criticized because it would insulate the nation’s largest banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, from all criminal investigations in exchange for civil fines. Schneiderman, who is leading his own investigation into the mortgage industry, has said that he opposes any deal that gives participating banks a release from other litigation surrounding their mortgage activities.

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