NY AG Eric Schneiderman to announce "enforcement action" against financial institutions "in defense of homeowners"

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NY AG Eric Schneiderman to announce “enforcement action” against financial institutions “in defense of homeowners”

NY AG Eric Schneiderman to announce “enforcement action” against financial institutions “in defense of homeowners”

H/T David Dayen

More to come as this is developing…He’s expected to make his announcement at 1:30 pm

Update via Bloomberg-

New York Attorney General Eric Schneiderman said he will announce new enforcement actions against major financial institutions as part of his effort to “protect New York homeowners” after calling the first such lawsuit last year a “template” for future litigation.

In October, Schneiderman sued JPMorgan Chase & Co., alleging that Bear Stearns, which JPMorgan took over in 2008, deceived mortgage-bond investors about defective loans backing securities they bought, leading to “monumental losses.” He said the case would be a model for future actions against banks that issued mortgage bonds during the real estate boom. He sued Credit Suisse Group AG on similar grounds the next month.

“We do expect this to be a matter of very significant liability, and there are others to come that will also reflect the same quantum of damages,” Schneiderman said last year. “We’re looking at tens of billions of dollars, not just by one institution, but by quite a few.”

[Bloomberg]

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