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.
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.
Bank of America, the second largest U.S. bank, reached a record-breaking settlement totaling more than $16 billion dollars with federal and state prosecutorsover 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.
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.
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.