One of the criticisms I have issued at New York Attorney General Eric Schneiderman’s lawsuit against JPMorgan Chase was that it was filed so late, it allowed much of the statute of limitations to run out, in the process capturing just a small sliver of the actions of Bear Stearns in their issuance of mortgage [...]

I can actually agree with a lot in Alison Frankel’s assessment of the New York Attorney General’s lawsuit against JPMorgan Chase over mortgage backed securities deficiencies. She’s right to express all the ways in which this is a cynical case, building on years-old legal work from bond insurers and investors. But she follows with this: [...]

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 [...]

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 [...]

The Justice Department has responded to allegations that they have not staffed the RMBS working group, the division within their financial fraud task force co-chaired by Eric Schneiderman which is supposed to investigate and prosecute banks for securitization fraud. Adora Andy, a DoJ spokesperson, told me in a statement: The new Residential Mortgage-Backed Securities Working [...]