Florida Assistant AG Andrew Spark Resigns

Just one day after releasing a detailed memo criticizing the department and questioning the actions of other officials, Florida Assistant Attorney General Andrew Bennett Spark resigned. As 4ClosureFraud.org points out, Spark apparently had no intention of resigning when he released his statement, since he closed the document with this line: I look forward to using those qualifications to continue to …

New York Attorney General Investigates Mortgage Securities Operations

New York Attorney General Eric T. Schneiderman has reportedly requested documents and information from and asked for meetings with three major banks as part of an investigation into those banks’ mortgage securities operations.  The New York Times is saying: The requests for information by Mr. Schneiderman’s office also seem to confirm that the New York attorney general is operating independently …

National Banks Ordered to Cover Up Info that Could Have Increased Modification Success Rates?

Our friends at Naked Capitalism unveiled some ugly information about the Comptroller of the Currency’s role in perpetuating modification failures today. It seems that one of the reasons for the shortfall in information gathered by the attorneys general working to address problems in the mortgage servicing industry is that the Comptroller of the Currency forbade national banks to disclose loss …

Mortgage Settlement Proposal Unpacked

Yesterday, we quoted from Gretchen Morgenson’s column on how the Attorneys General are jumping to settle too quickly, with inadequate information.  And last week we shared Max’s comments on the 27-page term sheet.  Like most experts, at least those interested in consumer protection, both raised their voices against a quick and inadequate settlement and lamented the fact that the AGs …