NY Attorney General Eric Schneiderman Says State Was Incubator for Foreclosure Fraud
Monday, January 30, 2012
The New York state Attorney General said he sees his role on a new anti-mortgage fraud task force as a way to bring those firms that acted improperly to justice.
Speaking on MSNBC Sunday, Eric Schneiderman — who was appointed to the role by President Barack Obama — said it makes sense the state's attorney general would play a major role in these probes, since New York was an incubator for the fraud that caused the explosion in foreclosures.
"Every mortgage-backed security issued in the last decade was either a New York trust or a Delaware trust," Schneiderman said on MSNBC.
He said he feels especially qualified for his appointment since he spent 15 years in a corporate law firm representing huge financial institutions like Merrill-Lynch.