Sell US Banks: Obama is Coming
Reuters have reported they are close to pressing charges. This will be a blow to the share prices of the major US Banks.
The Residential Mortgage-Backed Securities Working Group was formed in January, to probe the pooling and sale of risky mortgages in the runup to the 2008 financial crisis. Obama said he was creating the group to “hold accountable those who broke the law” and “help turn the page on an era of recklessness.”
The task force includes the Justice Department, the Securities and Exchange Commission, the Department of Housing and Urban Development and the Internal Revenue Service.
Schneiderman said the group, which has been criticized for inaction, had taken a few months to staff up. He said he was optimistic resources would continue to expand.
“History will show the working group acted pretty quickly given the circumstances,” he said. “The important thing is to see results and then continued results … (that) we don’t just have one or two cases and then this peters out.”
Another law enforcement official involved with the task force told Reuters on Wednesday that any action from the task force was more likely to be civil than criminal.
In the interview on Thursday, Schneiderman said he could not comment on whether there would be criminal charges.
When the group was formed, Attorney General Eric Holder announced civil subpoenas had been sent to 11 financial institutions. But little information has been made public since then.
Apart from this case Freddie Mac is looking to collect another $3.4 billion from banks it says sold it shoddy mortgages.
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Sales@Heffcap.com
Singapore
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Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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