Late yesterday, New York Attorney General Eric Schneiderman filed a lawsuit made up of years-old evidence against JPMorgan Chase, over deceptive practices related to the sale of $87 billion in Bear Stearns mortgage-backed securities at the height of the housing bubble. The lawsuit is closely modeled after one brought against the same defendants by the [...]

I want to turn back to Phil Angelides’ op-ed in the New York Times this morning, because in addition to making the case for bank accountability as a deterrent to future crimes, he says that the relevant authorities have had smoking gun evidence in their hands for two years. Meager resources have been applied to [...]

Ed DeMarco, the only Bush Administration holdover in the entire Obama economic/housing team, is pursuing prosecution against the banks over their mortgage bonds. Tim Geithner “began looking for ways to fire DeMarco” a few months ago.

Shahien Nasiripour reports that the Financial Crisis Inquiry Commission will forward multiple individuals responsible for the financial meltdown to state and local authorities for potential criminal prosecution, in accord with the imminent release of their report. If we wanted to understand why Republicans on the commission suddenly begged off the report a month or so [...]

I should have mentioned this week, back when I relayed Felix Salmon’s description of the massive mortgage bond fraud intertwined with the general fraud in the mortgage lending industry, that most of what we know about that comes from the FCIC. They subpoenaed and acquired the documents from Clayton Holdings, the third-party due diligence firm, [...]