Eric Schneiderman

54 percent spike in abandoned homes
9:59 pm
Tue February 17, 2015

NY Attorney General Introducing Bill To Combat Rise Of 'Zombie' Properties

New York's metro area has the highest number of "zombie" foreclosures in the country.
Credit Chart courtesy of RealtyTrac

Long Island is experiencing a spike in "zombie" homes—properties that are often abandoned after their owners receive a notice of foreclosure. They can fall into disrepair, reducing the values of surrounding property and serving as magnets for crime and vandalism.

New York Attorney General Eric Schneiderman is re-introducing legislation to combat the rise of abandoned properties. The bill is aimed at closing the gap of responsibility when a homeowner defaults.

Read more
Mortgage fraud alleged
6:40 am
Thu October 2, 2014

N.Y. sues law firms in foreclosure scams

N.Y. State Attorney General Eric Schneiderman speaks during the annual meeting of the Business Council of New York State at the Sagamore Resort on Friday, Sept. 19, 2014, in Bolton Landing, N.Y.
Credit AP Photo/Mike Groll

New York Attorney General Eric Schneiderman filed a lawsuit against two law firms Wednesday, alleging they duped 2,700 homeowners out of hundreds of dollars a month in specious legal services.

The two firms have ads running frequently on late night TV claiming the government may have "satisfied in full" a homeowner's mortgage.

Read more
The story of the 'Working Group'
4:45 am
Fri August 22, 2014

Why NY gets $800 million, Conn. gets nothing in Bank of America settlement

New York Attorney General Eric Schneiderman, accompanied by Attorney General Eric Holder, speaks at the Justice Department in Washington, Friday, Jan. 27, 2012, after Holder announced the formation of the Residential Mortgage-Backed Securities Working Group.
Credit AP/Cliff Owen

Bank of America, the second largest U.S. bank, reached a record-breaking settlement totaling more than $16 billion dollars with federal and state prosecutors over alleged fraud that led to the financial collapse in 2008. The settlement was the work of the Residential Mortgage-Backed Securities Working Group.

Back in 2012, President Obama said the State of the Union was getting stronger, the country was getting a foothold in the economic recovery, and he announced what would later be called the Residential Mortgage-backed Securities Working Group.

Read more
Probing into the dark pools
4:40 pm
Tue July 29, 2014

NY AG investigates more investment banks

Investigators say UBS, Credit Suisse, and Deutsche Bank are being questioned.

Three more investment banks say they are being investigated in a widening probe by New York Attorney General Eric Schneiderman over allegations the banks give flash traders unfair advantage over regular investors.

Deutsche Bank, UBS, and Credit Suisse have regulators asking questions about who they allow to trade in their private stock exchanges. These so-called "dark pools" have grown rapidly in recent years as slower moving institutional investors seek protection from predatory flash traders.

Read more
Money to help struggling homeowners
2:29 pm
Mon July 14, 2014

NY gets $182M in Citigroup fine

New York state's Attorney General Eric Schneiderman speaks during a news conference in June
Credit AP/John Minchillo

New York State is getting $182 million as part of a $7 billion settlement against Citigroup.

The long awaited deal between federal prosecutors and Citigroup settles allegations that Citi knew it was selling mortgage-backed securities that were about to go bad, but said nothing about it to investors.

Citi is the second bank to settle with the government to avoid a lawsuit. In 2008 Citigroup received $45 billion in federal bailouts. They did not plead guilty in today's settlement. Citi shares jumped today with news of the settlement and a strong earnings report.

Read more

Pages