Rep. Miller: Agency Officials Acknowledge That Securitization Task Force a Potemkin Village

By: Friday July 13, 2012 8:15 am

For a separate story (stay tuned!), I spoke yesterday with Rep. Brad Miller (D-NC), a member of the House Financial Services Committee. And while I had him, I asked him about that assembly of housing groups yesterday, all of whom pointed to the Justice Department as the culprit for the lack of progress on investigations [...]

Housing Groups Point to Justice Department as Stonewalling Investigations into Banks

By: Thursday July 12, 2012 10:27 am

A coalition of housing advocates that supported the state/federal investigation into securitization abuses that accompanied the foreclosure fraud settlement has turned against it sharply, charging the Justice Department with stonewalling the investigation and denying it critical resources that could move prosecutions against leading banks for their role in the housing crash and subsequent economic crisis. [...]

Schneiderman Announces Subpoenas, But on Campaign Finance

By: Wednesday June 27, 2012 9:39 am

Good news, New York Attorney General Eric Schneiderman issued a wide-ranging subpoena yesterday. Only it had nothing to do with the financial fraud task force he’s co-chairing. Instead, this was a subpoena about campaign contributions to tax-exempt groups: Attorney General Eric T. Schneiderman of New York has begun investigating contributions to tax-exempt groups that are [...]

Schneiderman Has Little “Independence” on Working Group Investigation

By: Tuesday June 5, 2012 11:01 am

New York Attorney General Eric Schneiderman has hired former federal prosecutor Virginia Romano to work on the series of investigations around the RMBS working group he co-chairs. The interesting part of this to me is that Schneiderman did the hiring, rather than the Department of Justice. Virginia Chavez Romano, a former assistant U.S. attorney in [...]

How a Lack of Financial Fraud Prosecutions Aids and Abets More Fraud

By: Thursday May 31, 2012 2:24 pm

I generally agree with Peter Henning that Eric Schneiderman’s plaintive wail for more resources for the RMBS working group, the task force looking into fraud in the mortgage securitization business, suggests that there will not be any meaningful prosecutions coming out of Washington against Wall Street. And he marshals a bunch of other evidence. [Schneiderman's] [...]

Regulator Indifference Seen at JPMorgan Chase, Ally Financial

By: Saturday May 26, 2012 8:55 am

Housing Wire reports on bank attorneys preparing for “showdowns” with the RMBS working group on fraud cases. Well, they have to justify their billings to their bosses, don’t they? The reality of whether banks should sweat the investigation is far less clear. In fact, we have more information from a couple sources today that suggest [...]

Securitization Fraud Task Force Continues to “Prove” Worth With Metrics

By: Friday May 25, 2012 8:22 am

Persistent criticism of the sluggish securitization fraud task force formed early this year to investigate Wall Street has led to more PR. Now one of the co-chairs of the Residential Mortgage Backed Securities (RMBS) working group, New York Attorney General Eric Schneiderman, has decided to act like he needs more help, after months of official [...]

Securitization Fraud Task Force Responds to Criticism With PR

By: Tuesday May 22, 2012 6:25 am

Darren Samuelsohn takes a look at the much-maligned securitization fraud task force, which has come under criticism for, well, not doing much of anything since coming into existence. Let’s see how the leaders of the effort have responded to all that criticism. “People are very angry that the only person who’s been to prison is [...]

Waters Challenges Khuzami on Securitization Fraud Task Force, Gets Revealing Answers

By: Friday May 18, 2012 8:17 am

I don’t know how House Democrats managed to get a hearing in the Financial Services Committee on the SEC’s tendency to settle with financial firms and allowing the companies to get off without admitting wrongdoing, but I’m glad they did. This put Financial Services Committee chair Spencer Bachus (R-AL) in the unusual position of saying [...]

Elizabeth Warren Expresses No Confidence in Current Bank Accountability Measures

By: Thursday May 17, 2012 4:30 am

This has been the week where we got a taste of how Elizabeth Warren would comport herself as a US Senator. Since JPMorgan Chase’s Fail Whale trade, which has reportedly already grown to a $3 billion loss, nobody in the political arena has been more vocal – or more knowledgeable – about the trade and [...]

Campaign for a Fair Settlement Protests Obama Fundraiser: “Help Us”

By: Friday May 11, 2012 7:41 am

President Obama’s star-studded fundraiser at George Clooney’s house went off without a hitch. But before the event, about 50 activists with the Campaign for a Fair Settlement, mostly low-income victims of foreclosure or predatory activity by the financial sector, made their appeal to the President in a protest on the motorcade route to the residence, [...]

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