Maverick NY AG Schneiderman removed from mortgage settlement deal committee

ericschneiderman NY AG LegalNewslineLegalNewsline reports that New York Attorney General Eric Schneiderman was removed from an executive committee negotiating a nationwide foreclosure settlement with major U.S. lenders. Iowa Attorney General Tom Miller, leading the committee, said Schneiderman has “actively worked to undermine” its effort. State attorneys general, the U.S. Justice Department, Treasury Department and the new Consumer Financial Protection Bureau are in the midst of negotiating a deal with the five mortgage servicers — Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc. Schneiderman has been doing his own investigation. Schneiderman obtained records from Morgan Stanley, Goldman Sachs, Bank of New York Mellon Corp. and Deutsche Bank AG. According to a lawsuit filed, Schneiderman alleges that Bank of New York misled and breached its duties to investors. Delaware Attorney General Beau Biden joined the fight against the proposed settlement deal. Loan servicing, Schneiderman contends, is at the center of the proposed $20 billion deal with the banks. Nevada’s Catherine Cortez Masto, Biden and Massachusetts Attorney General Martha Coakley have all expressed reservations about making a settlement. The probe began in October with inquiries into so-called “robosigning” practices by mortgage companies, and has since broadened into additional alleged improper foreclosure practices.

(Photo credit of Eric Schneiderman: LegalNewsline)

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