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The off-lead front-page article in today's edition of The New York Times by Gretchen Morgenson said that New York attorney general Eric T. Schneiderman has requested information and documents from three major Wall Street banks about their mortgage securities operations and has also requested meetings in the coming week with Bank of America, Morgan Stanley and Goldman Sachs.
"The inquiry appears to be quite broad," but "it is unclear which parts of the byzantine securitization process Mr. Schneiderman is focusing on," the article said.
"The requests for information by Mr. Schneiderman's office...seem to confirm that the New York attorney general is operating independently of peers from other states who are negotiating a broad settlement with large banks over foreclosure practices," the article said.
"By opening a new inquiry into bank practices," it continued, "Mr. Schneiderman has indicated his unwillingness to accept one of the settlement's terms proposed by financial institutions - that is, a broad agreement by regulators not to conduct additional investiations into the bank's activities during the mortgage crisis. Mr.Schneiderman has said in recent weeks that signing such a release was unacceptable. It is unclear whether Mr. Schneiderman's investigation will be pursued as a criminal or civil matter."
"The inquiry appears to be quite broad," but "it is unclear which parts of the byzantine securitization process Mr. Schneiderman is focusing on," the article said.
"The requests for information by Mr. Schneiderman's office...seem to confirm that the New York attorney general is operating independently of peers from other states who are negotiating a broad settlement with large banks over foreclosure practices," the article said.
"By opening a new inquiry into bank practices," it continued, "Mr. Schneiderman has indicated his unwillingness to accept one of the settlement's terms proposed by financial institutions - that is, a broad agreement by regulators not to conduct additional investiations into the bank's activities during the mortgage crisis. Mr.Schneiderman has said in recent weeks that signing such a release was unacceptable. It is unclear whether Mr. Schneiderman's investigation will be pursued as a criminal or civil matter."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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