Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal

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Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal

Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal

Gretchen Morgenson

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.

Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.

[NY TIMES]

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