Act Fast to Defend Foreclosure

Posted on August 29, 2011

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As you read this blog post, the big banks are getting together with the Attorneys General to decide how much money they settle on cases of illegal foreclosure. So get in line. The New York Attorney General, Eric Schneiderman, is balking at making the deal. That’s a good thing.

Consumer advocates, including Elizabeth Warren, are claiming that the amount set aside to reimburse people is far too little to cover the amount of real damages. The New York Attorney General agrees. Besides that, he has several criminal investigations under way that he just doesn’t want to let go of. This attitude is getting the Obama Administration angry, and other Attorneys Generals. They got a little tantrum going, and threw Eric Schneiderman off the Attorneys General committee to arrange a settlement. No playing in their sandbox!

Part of the settlement deal is that no one goes to prison. Doesn’t seem like much of a deal to me. To Eric Schneiderman, either.

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