News Release

NY Attorney General’s Dismissal Has “Big Banks’ Dirty Fingerprints All Over It”


The Washington Post reports: “Iowa Attorney General Tom Miller, who is leading foreclosure settlement negotiationswith the nation’s largest banks on behalf of all 50 states, abruptly removed New York Attorney General Eric Schneiderman from the coalition’s executive committee Tuesday, saying he had “actively worked to undermine” the group’s efforts in recent months.

“Schneiderman, who has undertaken investigations into the way banks bundled and sold pools of mortgages, known as securitization, has said any settlement should not release banks from liability for all their mortgage-related sinscommitted before the financial crisis. Attorneys general from several other states, including Delaware, Nevada and Massachusetts, have expressed similar concerns.”

MARGOT FRIEDMAN, mfriedman at
Friedman is with The New Bottom Line, which released a statement on Schneiderman’s dismissal. It said: “The news that Iowa Attorney General Tom Miller has summarily dismissed New York Attorney General Eric Schneiderman from the executive committee of the 50-state attorneys general robo-signing and servicing settlement talks is just the latest example of the Obama administration and their allied attorneys general’s full court press for a settlement — any settlement — at the expense of real accountability for banks and real relief from homeowners.

“The big banks’ dirty fingerprints are all over these latest actions. The Obama administration and the attorneys general cannot cave in to the desire of Wall Street bankers to paper over their massive wrongdoing and throw homeowners under the bus. Homeowners and former homeowners from Iowa, Illinois, Florida, New York and all 50 states must be put first. For years homeowners have been the victims of systemic fraud and they have been waiting years for the banks to be held responsible. As much as there is a need for relief, speed at the expense of quality cannot and will not be accepted.”