I’m sure you’ve heard by now about AG Schneiderman’s opposition to letting the banks walk away nearly scot-free from their liability in the largest economic collapse in US history. Your state, Arizona, is number three in the nation of states with the highest foreclosure rates. Without an investigation either criminal or civil, the liable parties (banks) will continue to conduct business as usual at your expense. If you think this doesn’t apply to you, look at the vacant homes that cannot be sold as they deteriorate in your community, thus, forcing your property value to deplete further with each passing day. Where is rock bottom? And when are we going up?
For Schneiderman’s efforts on the behalf of the American homeowner, he has been kicked off the task force:
Or as Gawker puts it, “All the Powerful People Hate Eric Schneiderman.”
Schneiderman, as of now, is still holding out on the deal and promises to continue his ongoing investigation into all sketchy bank mortgage practices, which, as he writes, “cannot be shut down to accommodate efforts to settle quickly and give banks and others broad immunity from further legal action.”
Or as Matt Taibbi puts it in “Obama Goes All Out For Dirty Banker Deal:”
A power play is underway in the foreclosure arena, according
to the New York Times.
On the one side is Eric Schneiderman, the New York Attorney General, who is
conducting his own investigation into the era of securitizations – the practice
of chopping up assets like mortgages and converting them into saleable
securities – that led up to the financial crisis of 2007-2008.
On the other side is the Obama administration, the banks, and all the other
state attorneys general.
This second camp has cooked up a deal that would allow the banks to walk away
with just a seriously discounted fine from a generation of fraud that led to
millions of people losing their homes.
The idea behind this federally-guided “settlement” is to concentrate and
centralize all the legal exposure accrued by this generation of grotesque banker
corruption in one place, put one single price tag on it that everyone can live
with, and then stuff the details into a titanium canister before shooting it
into deep space.
Please write to him if you support his efforts to block any settlement that does not result from a meaningful investigation of the liability of the settling parties:
You might also notify your state attorney general of your support for a hardcore investigation, and no settlement until the leverage and value is determined. Here is Arizona’s if you are local: