Crusading Prosecutor Needed
January 16, 2012 by Marcy Einhorn, Esq.
Plea negotiations are underway for a big culprit in the mortgage meltdown in Queens County, however, the problem goes far beyond any individual actor. As described in today’s NYT’s, what is needed is a full-throttle investigation into the highest levels of decision making for the reckless lending and heedless securitization by the banks. The call has gone out for Obama to take a leadership position on this inquiry, and create an interagency task force to pursue civil and criminal wrongdoing at the institutions that had the greatest impact on creating the mortgage bubble. Multiple Federal agencies would need to cooperate with the investigation, including the SEC, the IRS, bank regulators. Someone like NY’s AG Schneiderman might need to be at the head of the task force. Schneiderman is conducting a comprehensive investigation of the mortgage chain, useful information in pursuing those who created the bubble.
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