Qtec
08-26-2011, 06:03 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal
August 21, 2011
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure <span style='font-size: 14pt'>from the Obama administration</span> to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
..An initial term sheet outlining a possible settlement emerged in March, with institutions including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo being asked to pay about $20 billion that would go toward loan modifications and possibly counseling for homeowners.
<span style='font-size: 14pt'>In exchange, the attorneys general participating in the deal would have agreed to sign broad releases <u>preventing them from bringing further litigation on matters relating to the improper bank practices.</u></span>
The banks balked at the $20 billion figure. And the talks seemed to stall over the summer, as Mr. Schneiderman and a few other attorneys general — Beau Biden of Delaware and Catherine Cortez Masto of Nevada, for example — questioned aspects of the deal.
Mr. Schneiderman began objecting a few months ago to the proposed releases barring future litigation, declining to participate as long as they were included.
“<span style='font-size: 14pt'>The attorney general remains concerned by any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis,</span>” said Danny Kanner, the spokesman for Mr. Schneiderman. His office has opened several inquiries into mortgage practices during the credit boom. </div></div>
link (http://www.nytimes.com/2011/08/22/business/schneiderman-is-said-to-face-pressure-to-back-bank-deal.html?_r=3&hp)
So what happened next?
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 14pt'>N.Y. bumped from 50-state foreclosure committee </span>
Iowa Attorney General Tom Miller, <u>who is leading foreclosure settlement negotiations with the nation’s largest banks on behalf of all 50 states, </u><span style='font-size: 14pt'>abruptly removed New York Attorney General Eric Schneiderman from the coalition’s executive committee</span> Tuesday, saying he had “actively worked to undermine” the group’s efforts in recent months.
Miller did not speak with Schneiderman before he sent word about the decision. Rather, Iowa assistant Attorney General Patrick Madigan e-mailed counterparts around the country just before 1 p.m. announcing that New York had been booted from the key group of states overseeing the negotiations, “effective immediately.”
</div></div>
link (http://www.washingtonpost.com/business/economy/ny-bumped-from-50-state-foreclosure-committee/2011/08/22/gIQAG636ZJ_story.html)
Like the man once said,
"Sen. Dick Durbin (D-Ill.) has been battling the banks the last few weeks in an effort to get 60 votes lined up for bankruptcy reform. He's losing.
On Monday night in an interview with a radio host back home, he came to a stark conclusion: <span style='font-size: 14pt'>the banks own the Senate.</span>
"And the banks -- <span style='font-size: 14pt'>hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. <span style='font-size: 17pt'>And they frankly own the place,</span></span>" he said on WJJG 1530 AM's "Mornings with Ray Hanania."."
Q
August 21, 2011
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure <span style='font-size: 14pt'>from the Obama administration</span> to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
..An initial term sheet outlining a possible settlement emerged in March, with institutions including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo being asked to pay about $20 billion that would go toward loan modifications and possibly counseling for homeowners.
<span style='font-size: 14pt'>In exchange, the attorneys general participating in the deal would have agreed to sign broad releases <u>preventing them from bringing further litigation on matters relating to the improper bank practices.</u></span>
The banks balked at the $20 billion figure. And the talks seemed to stall over the summer, as Mr. Schneiderman and a few other attorneys general — Beau Biden of Delaware and Catherine Cortez Masto of Nevada, for example — questioned aspects of the deal.
Mr. Schneiderman began objecting a few months ago to the proposed releases barring future litigation, declining to participate as long as they were included.
“<span style='font-size: 14pt'>The attorney general remains concerned by any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis,</span>” said Danny Kanner, the spokesman for Mr. Schneiderman. His office has opened several inquiries into mortgage practices during the credit boom. </div></div>
link (http://www.nytimes.com/2011/08/22/business/schneiderman-is-said-to-face-pressure-to-back-bank-deal.html?_r=3&hp)
So what happened next?
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 14pt'>N.Y. bumped from 50-state foreclosure committee </span>
Iowa Attorney General Tom Miller, <u>who is leading foreclosure settlement negotiations with the nation’s largest banks on behalf of all 50 states, </u><span style='font-size: 14pt'>abruptly removed New York Attorney General Eric Schneiderman from the coalition’s executive committee</span> Tuesday, saying he had “actively worked to undermine” the group’s efforts in recent months.
Miller did not speak with Schneiderman before he sent word about the decision. Rather, Iowa assistant Attorney General Patrick Madigan e-mailed counterparts around the country just before 1 p.m. announcing that New York had been booted from the key group of states overseeing the negotiations, “effective immediately.”
</div></div>
link (http://www.washingtonpost.com/business/economy/ny-bumped-from-50-state-foreclosure-committee/2011/08/22/gIQAG636ZJ_story.html)
Like the man once said,
"Sen. Dick Durbin (D-Ill.) has been battling the banks the last few weeks in an effort to get 60 votes lined up for bankruptcy reform. He's losing.
On Monday night in an interview with a radio host back home, he came to a stark conclusion: <span style='font-size: 14pt'>the banks own the Senate.</span>
"And the banks -- <span style='font-size: 14pt'>hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. <span style='font-size: 17pt'>And they frankly own the place,</span></span>" he said on WJJG 1530 AM's "Mornings with Ray Hanania."."
Q