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Obama Administration Pressuring NY AG To Accept Bank Settlement Instead Of Prosecuting [View All]

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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-22-11 12:48 PM
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Obama Administration Pressuring NY AG To Accept Bank Settlement Instead Of Prosecuting
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This is really, really infuriating. Scheiderman is maybe the only person in America who's trying to hold banks accountable, and I knew it was just a matter of time before the administration started putting the screws to him for that very reason. I wonder if they're also bringing pressure to bear on the other state AGs who are resisting a broad settlement offering immunity to the banks (including Delaware AG Beau Biden, son of the VP):
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.

Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.


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