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View Diary: NY Atty. Gen. Schneiderman LOVES Today's Mortgage Fraud Deal. UPDATED x3 Liz Warren Likes it Too! (261 comments)

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  •  There were about 6 or 7 states (2+ / 0-)
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    etherealfire, PsychoSavannah

    that had their own investigations going on. Now there will be a federal task force with several states AG and the power of the federal government behind them.
    There will also be criminal investigations going on, and one bank has already been criminally prosecuted:

    The criminal prosecution was one of the first to target those who sold complex investments called collateralized debt obligations that were based on the valuations of mortgages. The securities - baskets of mortgage bonds - have been blamed by some for contributing to the housing bubble and its spectacular collapse.
    The probe - which focuses on activities in 2007 and 2008 - centers on exaggerations that brokers made about the value of subprime mortgage securities. Authorities say brokers enticed investors to pour money into the securities market for subprime mortgages by making the market sound healthy.

    Read more here: http://www.sanluisobispo.com/...

    If you can separate sex from procreation, you have given women the ability to participate in society on an equal basis with men. -Gloria Feldt

    by skohayes on Fri Feb 10, 2012 at 06:46:32 AM PST

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