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Business

NY attorney general: Expect to see more bank settlements

By
Mark DeCambre
Published Nov. 21, 2013, 12:49 a.m. ET

More banks will pay for their mortgage-bond sins.

In fact, state and federal regulators have already started to target other large lenders, according to New York Attorney General Eric Schneiderman.

“Other banks will follow,” the state’s top lawman said Wednesday, one day after he, other state AGs and federal prosecutors announced a record $13 billion settlement with JPMorgan Chase, the country’s largest bank.

Schneiderman, co-chairman of the federal-state working group to investigate actions that led to the 2008 mortgage crisis, bagged more than a $1 billion of the settlement for troubled borrowers in the Empire State.

The attorney general did not identify any target banks by name.

“We can now take the resources that were dedicated to Bear Stearns, Washington Mutual and JPMorgan and direct them at other targets and accelerate the process of drafting complaints, conducting investigations in order to get other banks to the table,” he said.

At the heart of Schneiderman’s working group’s probes are the creation of billions of complex mortgage bonds using home loans underwritten by some of the nation’s biggest banks.

Bank of America, which acquired Merrill Lynch and Countrywide during the credit crisis, was one of the country’s biggest underwriters of troubled mortgages.

Indeed, according to previous reports, Schneiderman and the Department of Justice are said to be probing the mortgage underwriting practices of BofA — as well as Citigroup and Wells Fargo.

The JPMorgan settlement follows a $25 billion pact forged a year ago with 49 states.

Schneiderman said he resisted joining that deal so that he could take banks to task for the root causes of the housing problems.