Items Tagged with 'New York Attorney General'


  • Morgan Stanley completes $400M consumer relief obligation for $3.2B mortgage settlement

    Settlement required company to provide relief to New Yorkers
    Morgan Stanley recently completed its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide consumer relief for New York residents affected by the company’s alleged actions.
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  • New York Attorney General pushes Experian and Transunion for answers on cybersecurity

    Eric Schneiderman questions companies' security after Equifax breach
    New York Attorney General Eric Schneiderman is already investigating the massive data breach at Equifax that exposed the personal information of 143 million U.S. consumers. Now, New York’s top cop wants to make sure that a similar incident doesn’t take place at the other two of the big three credit reporting agencies – Experian and Transunion.
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  • CFPB, House Financial Services Committee begin investigating Equifax data breach

    Congressional hearings are coming
    The fallout from Equifax’s massive data breach that exposed the personal information of 143 million U.S. consumers is just beginning. In the wake of the company’s announcement, the Consumer Financial Protection Bureau, the House Financial Services Committee, and the office of New York Attorney General Eric Schneiderman stated that each is launching an investigation into the breach.
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  • New York awards $10 million to 18 cities to fight neighborhood blight

    Money comes from financial crisis settlements
    Over the last several years, the state of New York has undertaken a multi-pronged approach to fight the blight that took place in many neighborhoods throughout the state in the wake of the housing crisis. And Monday, the office of New York Attorney General Eric Schneiderman announced that it is launching a new program and awarding $10 million over the next two years to 18 cities to be used for neighborhood revitalization.
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  • Long Island community with Nazi-linked past ordered to end housing discrimination

    New York AG claims that community only allowed whites of German heritage
    A Long Island community with a history of connections to the Nazi Party must end its practice of only allowing whites of German heritage to buy a home in the area, the New York Attorney General declared on Wednesday. Here are the details on the German American Settlement League, a community in Yaphank, New York.
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  • NY AG charges landlord for $5 million mortgage fraud scheme

    Investigation led by the Tenant Harassment Prevention Task Force
    Uncovering a $5 million mortgage scheme, New York Attorney General Eric Schneiderman charged Dean Galasso, 49, a New York City landlord with multiple properties in Manhattan and Queens, after discovering he fraudulently tried to obtain a mortgage to finance the purchase of a rental building. The discovery led to six charges total.
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  • NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

    Still in early stages
    New York is ramping up its focus on the practices of reverse mortgage lenders as of late. After introducing plans to increase the regulations surrounding reverse mortgages in the state earlier this month, New York is now reportedly also investigating practices related to the servicing of reverse-mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage.
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  • New York adopts "sweeping" new laws to tackle foreclosure problems

    Will fight rise of zombie homes; new rules imposed on lenders, servicers
    While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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  • New York to provide $100 million in zero-interest loans to prevent foreclosures

    Using Goldman Sachs fine to fund expansion of Mortgage Assistance Program
    Homeowners in the state of New York who are struggling to keep their homes from falling into foreclosure are about to get a lifeline – $100 million in zero-interest loans from the state of New York. It's all thanks to Goldman Sachs and its $5 billion toxic mortgage settlement.
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