NY Attorney General Eric Schneiderman on President Obama's Mortgage Crisis Unit
Up with Chris Hayes
by Brett Brownell -- Sun Jan 29, 2012
New York Attorney General and co-chair of President Obama's new mortgage crisis unit Eric Schneiderman talks with Chris about his expectations for the new mortgage crisis investigations.
AG Schneiderman sounds pretty confident that the Investigation he is leading into illegality of Mortgage-Backed Securities -- that caused the Housing Mortgage crisis -- will yield results.
He calls it the most urgent crisis he faces in his office as New York AG, which involves:
15 million Americans are underwater on their mortgages,
5 million families already foreclosed upon, with millions more still in the pipeline.
Chris Hayes called the robo-signing scandal, the lack of Bank Notes needed to foreclose, as
as the fruit of the poison tree -- with the poison tree being the Mortgage-Backed Securities, that the Banks used to overlook legal chain of custody of Mortgage Bank Notes, while making the Wall Street Bankers Billions in profits as they sold those same MBS Securities without full disclosure to others -- such as municipalities and pension funds.
Schneiderman is confident that any settlement agreement the Banks sign, will not impede any AG investigations already underway, nor prevent new investigations into Securities fraud from being started.
Schneiderman expressed the principles of "One set of rules for everyone; and Equal justice under the law" as the overriding principles, which "Obama provided the clarity on" -- and which are now driving the process, or as he summed it up later:
Because of the grassroots uprising all across this country,
Were going after the guys who blew up the Econony, Obama is very clear on that.
Were going after Tax fraud, Insurance fraud, Security fraud
and were going to have the resources to bring these charges.
Schneiderman:
you will see more subpoenas, action by other agencies, you will see cases being filed.
Schneiderman expects concrete results in 6 to 8 months.
[Note: the quotes above are rough transcriptions only.]
It is well worth the time to watch, imo.
If you haven't already.
FYI