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PDFAccording to Democracy Now, New York Attorney General Eric Schneiderman has been kicked off a 50-state task force negotiating a possible settlement with the nation’s largest mortgage companies. The Obama administration has been pressuring Schneiderman to drop opposition to a settlement, which would effectively immunize the nation’s largest banks from criminal investigations and consequences for their perpetration of widespread fraud and economic terrorism.
The move came just one day after the New York Times reported that the Obama administration was pressuring Schneiderman to agree to a broad state settlement with banks over questionable foreclosure tactics. The federal settlement has been widely criticized because it would insulate the nation’s largest banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, from all criminal investigations in exchange for civil fines. Schneiderman, who is leading his own investigation into the mortgage industry, has said that he opposes any deal that gives participating banks a release from other litigation surrounding their mortgage activities.
See also: US Pressures NY on Bank Deal
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