Eric Schneiderman, Attorney General for New York and Beau
Biden, Attorney General for Delaware, are teaming up to investigate the
suspected criminal activity of financial institutions in regards to the foreclosure crisis.
Schneiderman appeared on the Rachel Maddow Show to discuss
the pending investigations into how the possibly criminal actions taken by
major financial institutions caused the housing crash in 2008. Schniederman
told Maddow that he and Biden were teaming up to dig deeper in to the crisis.
In interview, Schneiderman said, “This was a man-made
crisis. It was caused by regulatory neglect and greed.” He believes that any
settlement made with banks should not allow broad releases of liability for
activities that haven’t been thoroughly investigated including mortgage
Investigations into large mortgage lender began last year
when neglectful foreclosure processing came to light. Some homes were
foreclosed based on faulty paperwork. The bank’s practices lead to a number of
wrongful foreclosure of homes. Some people were able to retain foreclosure attorneys and keep
possession of their homes, but others lost out.
The foreclosure crisis has been compounded by the high
unemployment rate and foreclosure
lawyers have been able to have mortgages modified which allow them to stay
in their homes. With a foreclosure
attorney by your side you may be
able to save your home.
Just like every person is responsible for paying their
mortgages, Schneiderman wants the mortgage lenders to be responsible for their
role in the housing crisis.