NY AG Eric Schneiderman settles with banks for $25 million. Million, not billion.

[TheWraith]

Sorry for linking to a troll cave like FireDogLake, but it was where the story was. Turns out Eric Schneiderman, who so many people here were lauding for resisting the DOJ deal on robosigning for $25 billion dollars? He just settled his own similar suit against a group of banks for $25 million. Million, with an M, not billion, with a B. And there will be no action to return houses foreclosed on in cases involving wrongful paperwork.

http://news.firedoglake.com/2012/03/14/schneiderman-settles-suit-against-banks-for-use-of-mers-for-paltry-25-million/

Not exactly schadenfreude, but it provides a useful reminder to all the people who were celebrating Schneiderman as the progressive hero of the world and the savior fighting the evil, caving-in Obama that gee, maybe it's not actually like that.

[saras]

1. As in Schneiderman is another corrupt loser who caves? Yeah, that pretty much sums it up.

The MAINSTREAM response to the banks' actions would be the confiscation of billions of dollars, and the jailing of hundreds of criminals UNTIL THEIR TRIALS.

A genuine leftist response to the banking crisis is not possible - it would require violent revolution.

[AtomicKitten]

2. This particular lawsuit filed and settled is for NY only and specifically.

http://www.businessweek.com/news/2012-03-14/madoff-mets-news-corp-dot-goldman-credit-suisse-in-court-news

Bank of America Corp., JPMorgan Chase & Co. (JPM) and three other banks agreed to pay $25 million to New York to resolve some monetary claims over the use of a mortgage database after reaching a $25 billion national settlement over foreclosure practices.

- snip

The agreement precludes New York from seeking penalties of $5,000 for each violation in exchange for the $25 million, according to Kanner. The state will continue to pursue damages incurred by New York homeowners as a result of the banks’ use of the MERS system, he said. The state will also seek court-ordered changes to it.

The national foreclosure settlement case is U.S. v. Bank of America Corp. (BAC), 12-00361, U.S. District Court, District of Columbia (Washington). The New York case is People of the State of New York v. JPMorgan Chase & Co. 2768-2012, New York State Supreme Court (Brooklyn).