Eric Schneiderman, Attorney General for New York and Beau Biden, Attorney General for Delaware, are teaming up to investigate the suspected criminal activity of financial institutions in regards to the foreclosure crisis.
Schneiderman appeared on the Rachel Maddow Show to discuss the pending investigations into how the possibly criminal actions taken by major financial institutions caused the housing crash in 2008. Schniederman told Maddow that he and Biden were teaming up to dig deeper in to the crisis.
In interview, Schneiderman said, “This was a man-made crisis. It was caused by regulatory neglect and greed.” He believes that any settlement made with banks should not allow broad releases of liability for activities that haven’t been thoroughly investigated including mortgage securitization.
Investigations into large mortgage lender began last year when neglectful foreclosure processing came to light. Some homes were foreclosed based on faulty paperwork. The bank’s practices lead to a number of wrongful foreclosure of homes. Some people were able to retain foreclosure attorneys and keep possession of their homes, but others lost out.
The foreclosure crisis has been compounded by the high unemployment rate and foreclosure lawyers have been able to have mortgages modified which allow them to stay in their homes. With a foreclosure attorney by your side you may be able to save your home.
Just like every person is responsible for paying their mortgages, Schneiderman wants the mortgage lenders to be responsible for their role in the housing crisis.
