Delaware AG Biden Settlement with MERS Promises Reforms Already Pledged

By: Friday July 13, 2012 10:22 am

Delaware Attorney General Beau Biden has settled his lawsuit with Mortgage Electronic Registration Systems, or MERS. This is one of the lawsuits that was preserved in the aftermath of the foreclosure fraud settlement. To date, none of those lawsuits which were preserved have produced very much in the way of tangible success. Biden announced today [...]

Polling Shows Danger of Being on Wrong Side of Housing and Bank Accountability

By: Wednesday May 16, 2012 8:24 am

The polling showing that voters hold negative opinions of the President’s performance in housing policy and Wall Street accountability suggests that Americans have a hungering for a much tougher policy on these issues and will reward candidates who reflect that, according to the pollster who did the survey. Jim Williams of Public Policy Polling, who [...]

Justice Democrats Still Angling for Changes in Foreclosure Fraud Settlement Deal

By: Tuesday February 7, 2012 6:54 am

Well, the deadline for state Attorneys General to sign on to the foreclosure fraud settlement came and went yesterday, and the major holdouts – the Justice Democrats, the AGs from the five states who have objected to the settlement all along (Nevada, New York, California, Delaware, and Massachusetts), still aren’t signed on. Catherine Cortez Masto [...]

Release on Foreclosure Fraud Settlement Looks Broader Than Advertised

By: Wednesday February 1, 2012 11:10 am

In his statement on the Administration’s new housing policies, CFPB Director Richard Cordray makes a fairly stunning response, considering it’s posted at the White House blog: The principles articulated by the Obama administration today are good guideposts for much-needed reforms in the mortgage market. The problems that plague consumers are well-documented. Too many consumers were [...]

How the Schneiderman Panel Could Work

By: Thursday January 26, 2012 7:35 am

I got a lot of response to my post on the new federal financial fraud unit (not to be confused with the old financial fraud unit) looking into mortgage origination and securitization abuses. I criticized New York Attorney General Eric Schneiderman for walking into a bear trap, as co-chair of a panel where three of [...]

Justice Democrats Still Holding Out on Foreclosure Fraud Settlement

By: Tuesday January 24, 2012 7:01 am

The New York Times describes the foreclosure fraud settlement in terms of inches. They say that a deal is “closer,” but they give little evidence to back that up. In fact, there’s more evidence here that the key AGs involved, who did not personally attend Monday’s session in Chicago with Shaun Donovan and other Administration [...]

Harris Targeted by California Groups Over Foreclosure Fraud Settlement

By: Wednesday November 9, 2011 9:05 am

Californians for a Fair Settlement, an ad hoc group of multiple progressive and labor organizations in the Golden State have written a letter to Attorney General Kamala Harris, asking her to reject any foreclosure fraud settlement that would allow broad liability release for banks’ deceptive and fraudulent mortgage practices, in exchange for a pittance for [...]

Terms for Proposed Foreclosure Fraud Settlement Shock the Conscience

By: Sunday October 30, 2011 9:43 am

I’ve ignored the past few breathless reports about an imminent settlement by state Attorneys General and the big banks over foreclosure fraud, because we’ve been hearing the same talk about a settlement for over a year now, and because several states have already dropped out of the talks. But that doesn’t mean a bad settlement [...]

Delaware AG Beau Biden Sues MERS

By: Thursday October 27, 2011 10:55 am

New York Attorney General Eric Schneiderman has received a lot of the headlines for his no-holds-barred investigations against the banks, but he’s had a partner in Delaware’s Beau Biden. Because New York and Delaware were where most of the securitization trusts were originated, having a united front on this issue of fraud is vital, and [...]

Democrats Coming Home to #OccupyWallStreet, Producing Synergy of Action and Dissent

By: Wednesday October 5, 2011 11:33 am

More Democratic politicians embraced the #OccupyWallStreet protests today, supporting the core grievances of a broken economy and corporate influence as broadly similar to their own platforms. This includes the co-chairs of the Progressive Caucus, Raul Grijalva and Keith Ellison, saying that “We share the anger and frustration of so many Americans who have seen the [...]

FDIC Files Objection to Bank of America MBS Settlement

By: Tuesday August 30, 2011 6:10 am

The FDIC formally objected to Bank of America’s proposed $8.5 billion settlement with investors in Countrywide-originated mortgage backed securities. In a spartan filing with a federal court in Manhattan, the deposit insurance agency, which owns many MBS involved in the settlement, said “it does not have enough information to evaluate the settlement.” The FDIC reserved [...]

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