Big Banks Sued – Bank of America, JP Morgan, and Wells Fargo are being sued over mortgage foreclosure practices. – UPDATE Feb. 10, 2012: Big Banks Pay
The New York State Attorney General and newly-appointed head of the new financial crimes unit of federal prosecutors and leading state attorneys general, Eric Schneiderman, is suing Bank of America, JP Morgan, and Wells Fargo for deceptive mortgage foreclosure practices and the fraudulent use of MERS (Mortgage Electronic Registration Systems).
The lawsuit charges that the MERS system eliminates the ability to track property transfers.
Schneiderman discusses with Rachel Maddow the processes, resources, and agencies – federal and state – now involved and empowered to investigate and criminally prosecute the people responsible for the mortgage crisis and the destructive consequences on the US economy.
(video 10:55)
(video 1:17) The Lawsuit – details:
UPDATE: Eric Schneiderman, New York State Attorney General and member of the Federal Financial Crimes Task Force, details the settlement with the banks to pay billions towards the damage done by their abuses in the fraudulent foreclosure process, the robo-signing, and tells Rachel Maddow that the deal with the banks “is a down payment, it’s a first step … we’re gonna hold these people accountable.”
(video 6:47) Feb. 9, 2012
