UPDATE:
As I covered in a previous post, Schneiderman penned an Op-Ed article in which he used phrases like “attacking the foreclosure crisis” and “working aggressively to provide accountability”, in describing the mortgage fraud task force. Below, in another post, I suggested that any new press releases for this ‘force-to-be-reckoned-with’ should include indictments. Unfortunately, another press release was announced letting the public know that a website for complaints is unveiled and available. Seriously? Three and a half years into this and we are supposed to be impressed with a website? Whistleblowers have been filing complaints with various federal departments for years, even before 2009, and they haven’t been given any attention. I wonder if the website falls under the category of “attacking the foreclosure crisis” or is it part of “working aggressively to provide accountability”?
Original Post Published May 2, 2012:
What would you expect a speech given by NY AG Eric Scheiderman, of the Financial Fraud Task Force, on Law Day to include? Possibly a huge announcement about prosecuting those responsible for misconduct and illegalities that contributed to both the financial collapse and the mortgage crisis? In fact, the speech announced that every New Yorker facing foreclosure will be represented by lawyers. Well, isn’t that nice.
Schneiderman puts on his best song and dance maintaining he is tough on bankers and fair to the public by funding foreclosure prevention legal services and housing counseling. The funding for this program comes from the recent multi-state settlement with the five largest mortgage servicing banks. The Invertebrate takes advantage of Law Day to polish a turd. The mortgage settlement is a turd because it allows the rampant foreclosure fraud to continue unabated.
As Abigail C. Field so eloquently explained, “No one yet knows which servicing “standards” will take effect when, or if the deadlines will be extended as the deal allows. Until a standard is in effect, there’s nothing to measure compliance with. Worse, the measuring process itself still has to be negotiated, so standards may take effect without a compliance process to verify implementation. Worst, the metrics let the servicers systematically steal from you and defraud the courts without risk of consequence. Heck, even if all servicing standards take effect before the deal expires, and all the work plans are finalized so that all the metrics are being computed, and banker theft rises to the level that a bank fails a metric, no penalty kicks in unless it’s the second quarter in a row that the bank failed that metric.”
If I were the public relations director for Invertebrate Straw Man Schneiderman, I would propose that the next press release include INDICTMENTS.
