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More banks targeted for mortgage securities fraud

  

brecorder.com | January 19, 2015

New York's top law enforcement official said he plans to help bring more fraud cases against the world's biggest banks for selling shoddy mortgage-backed securities before the 2008 financial crisis. Eric Schneiderman, the state's attorney general, said some of these banks were involved in the same kind of wrongdoing that has led him since 2012 to join the federal government in multi-billion-dollar cases against J.P. Morgan Chase & Co, Bank of America Corp and Citigroup Inc, the three-largest US banks.

"Obviously there were many more institutions involved," Schneiderman said in an interview this week. "So there will be more cases." Schneiderman co-chairs a working group on mortgage-backed securities that US President Barack Obama created in 2012 to ensure accountability for the financial crisis.

The attorney general said that group remains "very active," while declining to discuss whether he is in settlement talks with Morgan Stanley, the bank that sources say is next in line for a settlement. A spokesman for Morgan Stanley also declined to comment. He did welcome a decision last month by a state judge, Supreme Court Justice Marcy Friedman, rejecting Credit Suisse Group AG's bid to dismiss his lawsuit accusing the Swiss bank of deceiving investors about the safety of mortgage securities that have suffered $11.2 billion of losses.

Schneiderman said the decision affirmed his power to pursue fraud cases under the state's Martin Act, a powerful law his office has wielded against Wall Street for more than a decade. "It is a very clear statement of the law and the scope of our reach," the attorney general said. Schneiderman said he is also confident about the Martin Act case he filed against Barclays Plc last June, in which he accused the British bank of offering unfair advantages to high-frequency traders in its alternative trading system, or dark pool, while claiming to look out for less-favoured clients.

At a hearing last month, state Supreme Court Justice Shirley Kornreich called the complaint "confusing" and "conflated," though she has yet to rule on Barclays' motion to dismiss it. "This is a tremendously strong case," Schneiderman maintained in the interview. "It's not hard to figure out this was really egregious conduct." He declined to say whether he would pursue other cases over dark pools, but said "we expect to be active in this area."

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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