Liability Release on Foreclosure Fraud Settlement Narrow, But a Host of Questions Remain

By: Friday January 27, 2012 11:01 am

Former Obama Administration transition official Mike Lux was the first to report that the liability release on foreclosure fraud “looks tight.” In other words, the release is limited to mostly post-crisis conduct, basically robo-signing and servicer abuse. Private right of action would still be available under any settlement – Attorneys General cannot stop the right [...]

Additional Resources for Financial Fraud Panel Look Light

By: Friday January 27, 2012 7:04 am

In addition to the proposed settlement, there’s news on the Unit on Mortgage Origination and Securitization Abuses front. (As an aside, I don’t know what to call this thing. You could say “Financial Fraud Unit,” but there’s already one of those. The name above is the official title, but it’s a mouthful. You could shorten [...]

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 [...]

There’s Already a Financial Fraud Task Force

By: Wednesday January 25, 2012 10:57 am

I have some additional reporting on the financial fraud unit that will be co-chaired by Eric Schneiderman, and how he will approach it. But before I get to that, I want to pick up on something that came up when I appeared on Sam Seder’s Majority Report radio program today. The thing is, and this [...]

The Schneiderman Gambit: Financial Fraud Unit Appears Designed to Fail, and Grease Skids for Foreclosure Fraud Settlement

By: Wednesday January 25, 2012 6:15 am

I’ll pepper in my thoughts on the State of the Union Address throughout the day, but I would be remiss if I didn’t start with the announcement of a Unit on Mortgage Origination and Securitization Abuses (UMOSA) to investigate bank practices during the financial crisis. The unit will be co-chaired by Eric Schneiderman, the New [...]

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