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More Banks Targeted for Mortgage Fraud

New York’s top law enforcement official said he plans to help bring more fraud cases against the world’s biggest banks for selling shoddy mortgage-backed securities before the 2008 financial crisis.

Eric Schneiderman, the state’s attorney general, said some of these banks were involved in the same kind of wrongdoing that has led him since 2012 to join the federal government in multi-billion-dollar cases against JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc, the three-largest U.S. banks.

“Obviously there were many more institutions involved,” Schneiderman said in an interview this week. “So there will be more cases.”

Schneiderman co-chairs a working group on mortgage-backed securities that U.S. President Barack Obama created in 2012 to ensure accountability for the financial crisis.

The attorney general said that group remains “very active,” while declining to discuss whether he is in settlement talks with Morgan Stanley, the bank that sources say is next in line for a settlement. A spokesman for Morgan Stanley also declined to comment.

via More banks targeted for mortgage securities fraud: NY attorney general | Reuters.

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