I am hardly surprised that a New York Democrat is leading the way in investigating banks and their role in the 2008 financial crisis. It must be irresistible to such politicians to place the blame on bankers rather than on themselves.
I say, how about we investigate politicians for shoddy law-making that led to this financial crisis by forcing banks to lend money to people not credit-worthy?
Goldman Sachs Group, Bank of America Corp., and Morgan Stanley were already part of the probe. Schneiderman is examining mortgage practices and the packaging and sale of loans to investors, according to the person.
A spokeswoman for the attorney general declined to comment.
Federal regulators and all 50 state attorneys general are scrutinizing how the biggest US financial firms handle home loans. Last month, as states coordinated settlement talks with banks over foreclosure practices, Schneiderman said any joint accord should not preclude individual states, such as New York, from continuing their own inquiries.