Subject: Re: Kentucky Attorney General Backs New York's Schneiderman In National Foreclosure Settlement Talks
From: "Alexander Snyder-Mackler" <[email-masked]>
To: "Eric Schwerin" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>
Date: Thu, 22 Sep 2011 11:15:38 -0400

CA, KY, MN, NV...they're all jumping on the bus that Beau and Eric are
driving

On Thu, Sep 22, 2011 at 11:05 AM, Eric Schwerin <
[email-masked]> wrote:

>
>
> http://www.huffingtonpost.com/2011/09/22/kentucky-jack-conway-eric-schneiderman-foreclosure_n_975634.html
>
> Kentucky Attorney General Backs New York's Schneiderman In National
> Foreclosure Settlement Talks
>
> NEW YORK -- Kentucky Attorney General Jack Conway has added his name to a
> list of state law enforcers who fear that a settlement being negotiated
> among government officials and big banks isn't backed by a sufficient
> investigation into potential wrongdoing.
>
> As law enforcers approach a deal with banks to settle allegations that the
> companies improperly foreclosed on American homeowners, the banks are
> pushing for a broad release from liability for actions that have not yet
> been fully investigated, Conway said in a Thursday email to the Progressive
> Change Campaign Committee, obtained by The Huffington Post.
>
> By raising these concerns, Conway has aligned himself with New York
> Attorney General Eric Schneiderman and law enforcers from other states who
> have questioned the adequacy of the groundwork underlying the settlement
> talks.
>
> "Today's economic crisis was caused by Wall Street acting improperly,"
> Conway, a Democrat, said in the email. "Every American has paid the price --
> with families losing their homes, investors losing their money, and many
> Americans losing their jobs. There should be absolutely no criminal or civil
> immunity given to banks for activity that has not yet been investigated."
>
> All 50 state attorneys general, along with a group of federal agencies,
> launched an investigation into banks' foreclosure practices after it emerged
> last autumn that mortgage companies employed so-called "robo-signers," who
> approved thousands of foreclosure documents without reading them. Some banks
> temporarily halted foreclosures, saying they would review documents for
> errors, as criticism mounted.
>
> Talks to settle the civil allegations seemed to be reaching a conclusion
> over the summer. But some government officials, including recent Obama
> Administration adviser Elizabeth Warren<http://www.huffingtonpost.com/2011/07/15/elizabeth-warren-foreclosure-investigation_n_899659.html>,
> questioned the sufficiency of the investigation into the ways banks dealt
> with homeowners.
>
> The banks, which include Bank of America, JPMorgan Chase, Citigroup, Wells
> Fargo and Ally Financial, seem eager for a resolution to the talks that have
> contributed to investors' anxiety over the institutions' financial health. A
> legal penalty for the banks could reach $20 billion, The Huffington Post<http://www.huffingtonpost.com/2011/06/06/foreclosure-fraud-20-billion_n_872207.html>reported in June.
>
> But consumer advocates are not united in the belief that the investigation
> has been inadequate. Some progressive law enforcers and other attorneys say
> the investigation -- which has been largely shielded from the public view --
> is grounds enough for a deal that could give immediate relief to homeowners,
> by setting rules for mortgage practices and potentially offering monetary
> assistance.
>
> "We all agree that banks have behaved abominably and they must be held
> accountable. It's my strong belief that the multi-state AG effort is
> attempting to do exactly that," said attorney Ira Rheingold, executive
> director of the National Association of Consumer Advocates, in an email. The
> attorneys general, he added, "have done a significant
> investigation/examination of serious servicer misbehavior in the foreclosure
> and loan modification processes and I believe that the fair resolution of
> their negotiations offers the best hope for immediate relief for consumers
> faced with the possible loss of their homes."
>
> A spokeswoman for Iowa Attorney General Tom Miller, who is leading the
> investigation, did not immediately respond to a request for comment. Earlier
> this month, when Minnesota Attorney General Lori Swanson<http://www.huffingtonpost.com/2011/09/13/minnesota-attorney-general-lori-swanson_n_960139.html>raised concerns about the adequacy of the investigation, a spokesman for
> Miller said in an emailed statement: "We share a lot of common ground with
> Attorney General Swanson and we appreciate her input."
>
> Miller removed New York's Schneiderman from the so-called executive
> committee of attorneys general last month, as divisions emerged among state
> law enforcers. Schneiderman, who has expressed skepticism about the national
> investigation, has advocated for a narrow settlement, as he pursues his own
> investigations into the banks' behavior.
>
> Attorneys general from Delaware and Massachusetts have also questioned the
> thoroughness of the national investigation.
>
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> Eric D. Schwerin****
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-- 

Alexander Snyder-Mackler
(302) 598-867