Eric Schneiderman

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.

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Up to $40K to payoff old debt
5:55 pm
Thu June 26, 2014

NY offers free loans to halt foreclosures

New York Attorney General Eric Schneiderman plans to offer $40,000 in free loans to homeowners trying to stop foreclosure
Credit AP/John Minchillo

New York Attorney General Eric Schneiderman is launching a free loan program to help homeowners struggling to avoid foreclosure. Homeowners can borrow up to $40,000 interest free.

The loans are aimed at homeowners trying to secure mortgage modifications which may be stalled because of small outstanding debts like back taxes or delinquent second mortgages.

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"inviting the sharks into the pool"
9:12 am
Thu June 26, 2014

NYAG: Barclays lied to investors

New York Attorney General Eric Schneiderman file a suit alleging Barclays told investors that it had set up safeguards to protect them from predatory high-frequency traders. But it says Barclays actually catered to those traders.
Credit AP/John Minchillo

Large institutional investors have long been at the mercy of flash traders who use computers to make thousands of trades a second, skimming off tiny bits of profit from pension and retirement accounts. 

For protection fund managers sought out private stock exchanges called dark pools where only certain investors were allowed in. 

Think of them like a fish tank for guppies. 

"What Barclays is accused of is making promises that they would keep sharks out of the pool but were actually sort of inviting the sharks into the pool."

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Refund for "illegally high interest"
12:44 am
Wed May 21, 2014

NYAG: online lender will refund $20M to New Yorkers

New York Attorney General Eric Schneiderman, speaks during a news conference in 2013.
Credit AP/Matt Rourke

An online payday lender will begin refunding borrowers in New York up to $20 million in what regulators call "illegally high interest" rates. 

Western Sky Financial was a prominent online lender that offered short-term loans at triple digits interest rates. New York sued along with several other states with strict usury laws that cap interest rates. In New York the interest rate cap is 16%.  

Officials say the users of the site who register with settlement manager will get refunds based on the difference between the legal interest rate and the rate charged.  

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Another push against Insider trading 2.0
5:08 pm
Wed April 30, 2014

Schneiderman: halt flash trading before the bell

New York Attorney General Eric Schneiderman has made it a significant push to crackdown on so-called "Insider Trading 2.0"
Credit PRNewsFoto/NYAG

New York Attorney General Eric Schneiderman announced Wednesday that he’s reached a deal with a newswire to prevent high frequency stock traders from having early access to financial news.  The agreement with PR Newswire is the third such deal Schneiderman has reached with a news service.   

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