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AG: Bank of America settlement ‘unfair’
ALBANY — New York Attorney General Eric Schneiderman said the proposed $8.5 billion Bank of America settlement of investor losses from 530 mortgage-backed securities is “unfair” and trustee Bank of New York Mellon engaged in “repeated fraud” in connection with the securities sale.
Schneiderman hits BoA securities settlement
ALBANY — New York Attorney General Eric Schneiderman says the proposed $8.5 billion Bank of America settlement of investor losses from 530 mortgage-backed securities is "unfair" and trustee Bank of New York Mellon engaged in "repeated fraud" in connection with the securities sale.
HSBC will maintain NY work force; selling branches
BUFFALO — HSBC doesn't expect the bank's plan to cut 30,000 jobs worldwide by 2013 to make a big dent in its western New York work force. The British banking group announced the job cuts on Monday ...
New consumer agency issues first mortgage rule
The newly operational Consumer Financial Protection Bureau has issued its first interim rule which it says will fill a regulatory gap in the mortgage industry. The new rule, published in the Federal Register, allows state-chartered mortgage lenders ...
Consumer protection bureau up and running
The long awaited Consumer Financial Protection Bureau officially opened its doors on Thursday, although without a confirmed director and with potentially diminished powers as a result of a House of Representatives bill to weaken the agency (HR 1315).
Regulators balk at demands for foreclosure reports
WASHINGTON — Banking regulators refused to commit to releasing details of their investigations into illegal foreclosure practices by the nation's largest banks. Appearing before a Senate panel Thursday ...
House tries to shackle sway of new consumer agency
WASHINGTON — The new Consumer Financial Protection Bureau officially opens its doors Thursday with the House considering legislation that could restrict its authority to act against abuses of the financial system.
New York tops in mortgage closing costs, according to a study by Bankrate.com
New York state has the nation’s highest mortgage closing costs for the second consecutive year, according to a study by Bankrate.com. The organization found that New York led the nation with an average fee of $6,183, followed by Texas ...
Treasury to discontinue paper savings bonds
As Bureau of the Public Debt spokeswoman Mckayla Braden explained, U.S. savings bonds have been a popular gift at Christmas, at graduation and other occasions since the 1930s. Last week, however, the bureau announced it will no longer issue paper savings bonds.
President to name consumer protection bureau head
WASHINGTON — President Barack Obama will introduce his choice to head the new Consumer Financial Protection Bureau on Monday in the White House Rose Garden. The president intends to nominate former Ohio Attorney General Richard Cordray.
S&P warns it may downgrade Fannie Freddie credit
WASHINGTON — Standard & Poor’s warned mortgage giants Fannie Me and Freddie Mac on Friday that they may lose their top credit ratings if lawmakers don’t raise the U.S. government’s borrowing limit in time to avoid a default.
Survey: Credit card lenders ease requirements
A survey on credit underwriting practices revealed that for the first time since 2008, many of the nation’s largest lenders have eased their underwriting standards. The report, released late last month by the U.S. Office of the Comptroller of the Currency ...
Case Digests
- Fourth Department – Speedy trial: People v. Jordan
- Fourth Department – Rosario material: People v. Dennard
- Second Circuit – Magnuson-Stevens Act: State of New York v. Raimondo
- Fourth Department – Plea: People v. Davis
- Second Circuit – Revocation of minimum sentence: Bangs v. Walter William Smith, et al.
- Fourth Department – Relation-back doctrine: CHS Inc. v. Land O’Lakes Purina Feed, et al.
- Fourth Department – Unlawful arrest: People v. Burke
- Fourth Department – Attempted criminal possession of a controlled substance: People v. Brown
- Second Circuit – Immigration: Paucar v. Garland
- Fourth Department – Slip and fall: Black v. 465 Payne Avenue
- Second Circuit – Misappropriation of trade secrets: Pauwels v. Deloitte
- Fourth Department – Molineux evidence: People v. Anderson
Law News
- N.Y. Court of Appeals reverses murder conviction because of illegal search
- State board approves cannabis lawsuit settlements, paves way for the opening of retail dispensaries
- NY Court of Appeals reverses gun conviction over ineffective counsel
- Split court affirms gun conviction, finding search and arrest were legal
- NY appeals court vacates drug conviction over illegal police search
- Split Court of Appeals strips Police Accountability Board of disciplinary power
- Manslaughter conviction reversed after appeals court finds insufficient evidence
- Rochester-area family sues over compromised medical records
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