Maybe it's Attorney General Eric Schneiderman who's the one bestriding the narrow world like a Colossus -- or at least, according to Rolling Stone's Matt Taibbi, is the only powerful person demanding investigation of and accountability for the collapse of the mortgage industry and the U.S. economy. That's a bit unnerving for anyone familiar with Schneiderman's long history as a cheerfully cynical member of the New York State Senate, an organization which under both parties in recent years might be described charitably as ethically challenged.
According toTime magazine, "the feds want to stick to mortgage servicers — the people foreclosing on homes without proper documentation — while Schneiderman et al. hope to go after securitizers — those who packaged sketchy loans during the financial crisis." The public, I guess would be happy to go after anybody, but not at the expense of further screwing up the economy.
Still, it it is de-facto mortgage fraud in the shape of ballooning interest rates and the like which strikes most people as under-prosecuted. But Scheiderman's Web site seems to avoid that issue, instead targeting Foreclosure Rescue Scams. How about providing some foreclosure rescue that isn't a scam by targeting those responsible for fraud, which all government authorities have been strangely -- or not so strangely, see Taibbi's simple conspiracy theory -- reluctant to do?