hvactec
VIP Member
New Yorks and Delawares investigation could lead to criminal charges against financial executives. California was disproportionately harmed by the mortgage crisis, and our homeowners badly need relief, the states attorney general says.
Reporting from New York and Los Angeles California is considering joining New York and Delaware in a wide-ranging investigation into Wall Streets role in the mortgage meltdown that could lead to criminal charges against financial executives.
California Atty. Gen. Kamala Harris met with New York Atty. Gen. Eric Schneiderman on Thursday in San Francisco to discuss cooperating on the investigation, which is already one of the broadest to probe how banks encouraged the financial crisis through the creation of risky financial instruments backed by mortgages.
New York and Delaware have more than a dozen attorneys working full time on the effort and have subpoenaed or requested information from 13 financial firms, including Goldman Sachs and JPMorgan Chase & Co., according to people familiar with the investigation. The people spoke on condition of anonymity because of the sensitivity of the investigation
Schneiderman declined to comment on any specific investigation but told The Times, Were taking a hard look because the American people are entitled to a full investigation that uncovers all the facts and holds those responsible to account.
Delaware Atty. Gen. Beau Biden declined to comment on the investigation.
California would represent a vital addition to the investigation because it was the location of a vast number of the mortgages and foreclosures that fed into the crisis. Since home prices peaked in 2007, California homeowners have lost $1.9 trillion in home equity, according to an estimate by the research firm Moodys Economy.com.
read more California may join probe of Wall Street's role in mortgage meltdown
Reporting from New York and Los Angeles California is considering joining New York and Delaware in a wide-ranging investigation into Wall Streets role in the mortgage meltdown that could lead to criminal charges against financial executives.
California Atty. Gen. Kamala Harris met with New York Atty. Gen. Eric Schneiderman on Thursday in San Francisco to discuss cooperating on the investigation, which is already one of the broadest to probe how banks encouraged the financial crisis through the creation of risky financial instruments backed by mortgages.
New York and Delaware have more than a dozen attorneys working full time on the effort and have subpoenaed or requested information from 13 financial firms, including Goldman Sachs and JPMorgan Chase & Co., according to people familiar with the investigation. The people spoke on condition of anonymity because of the sensitivity of the investigation
Schneiderman declined to comment on any specific investigation but told The Times, Were taking a hard look because the American people are entitled to a full investigation that uncovers all the facts and holds those responsible to account.
Delaware Atty. Gen. Beau Biden declined to comment on the investigation.
California would represent a vital addition to the investigation because it was the location of a vast number of the mortgages and foreclosures that fed into the crisis. Since home prices peaked in 2007, California homeowners have lost $1.9 trillion in home equity, according to an estimate by the research firm Moodys Economy.com.
read more California may join probe of Wall Street's role in mortgage meltdown