Delaware AG Biden Joins AG Schneiderman, Intervening in Proposed BofA Settlement - FDL

[WillyT]

Delaware AG Biden Joins AG Schneiderman, Intervening in Proposed BofA Settlement
By: David Dayen - FDL
Monday August 8, 2011 2:30 pm

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Bank of America was just getting over having the New York Attorney General step in on their settlement with Countrywide investors over mortgage bonds, when Delaware’s AG decided to join in.

Delaware Attorney General Beau Biden also intends to intervene in the Bank of America case, Ian McConnel, a deputy attorney general at the office, said at a court hearing today about the agreement. Delaware public pension funds may be investors in the Countrywide bonds and some of the trusts in the settlement were established under Delaware law, McConnel said in an interview after the hearing.

I’m sure you know that Beau is Vice President Joe Biden’s son. Shahien has more on this development.

Biden and Schneiderman have generally worked in concert in their investigation of the mortgage securitization markets, and since both states were unique and crucial to that effort, this additional intervention in the BofA settlement is no surprise. In fact, it was inevitable that someone, somewhere down the line would raise their hand and explain that the financial industry committed massive fraud upon investors that calls into question practically every mortgage backed security sold during the bubble years. Adam Levitin calls this “unsheathing Excalibur: http://www.creditslips.org/creditslips/2011/08/ny-ag-unsheaths-excalibur.html ”

Schneiderman didn’t mince words. He explained...

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More: http://firedoglake.com/2011/08/08/delaware-ag-biden-joins-schneiderman-intervening-in-proposed-bofa-settlement/

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