Schneiderman Removed from National Foreclosure Settlement Committee
Wednesday, August 24, 2011
New York Attorney General Eric Schneiderman was removed from the executive committee negotiating a nationwide foreclosure settlement with U.S. banks on Tuesday.
Iowa Attorney General Tom Miller said Schneiderman was off the committee effective immediately because New York had worked to “undermined” the group’s efforts.
Schneiderman opposes any settlement that would result in the halting of criminal and civil investigations of fraudulent business practices by the banks that he has been pursuing separately.
He said he is committed to a comprehensive solution that provides homeowners “meaningful relief” and allows the housing market to recover, but that “ongoing investigations by attorneys general cannot be shut down by efforts to settle quickly and those responsible must be held accountable.”
The U.S. Justice Department and Miller have been leading 50-state talks aimed at helping homeowners through changes in foreclosure practices, setting terms for loan servicing and enacting debt reductions.
Disclosure: Schneiderman’s father, Irwin Schneiderman, is a member of the WNYC Board of Trustees and has been a long-time donor to the station.