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Posts Tagged ‘New York AG Eric Schneidermann’

Dennis Kelleher Calls Out President Obama on Mortgage Fraud

Posted by Larry Doyle on January 28th, 2014 10:59 AM |

Do you plan on watching President Obama’s State of the Union address this evening?

Why do I think I hear many people who might read this blog say, “Why would I want to do that?”

In the midst of leaving an event last evening in New York City, a very informed pollster told me that the overwhelming sense in the nation today is that people are totally fed up with Washington and Wall Street. No surprise there, but why is that? Well, because all too often our politicians from both sides of the aisle over-promise and then under-deliver.

As an example of just that practice, I commend Dennis Kelleher, President of Better Markets, for releasing the following statement regarding the Obama administration’s promise he made two years ago in his State of the Union to bring real accountability to Wall Street.     (more…)

JP Morgan Mortgage Fraud: Comments and Questions

Posted by Larry Doyle on October 2nd, 2012 8:58 AM |

Is yesterday’s announcement that the New York Attorney General (on behalf of the President’s Residential Mortgage-Backed Securities working group) is suing JP Morgan for fraud in selling mortgage-backed securities during 2006 and 2007 America’s long overdue call for justice?

Here is a copy of the suit. A few comments and questions.

First off, the activity in question occurred at Bear Stearns and not JP Morgan. JPM purchased Bear in the spring of 2008. I have long believed that selected parts of the mortgage origination process on Wall Street rose to the level of a racketeering enterprise.  (more…)

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