I doubt anyone associated with this report understands the slightest thing about mortgage securities or foreclosures — including New York AG Eric Schneiderman. So there is that.
What this is really about: Everyone knew the Hot Check Era of banking was fraudulent, but so long as the checks didn’t bounce no one cared. Now that some folks are getting stuck with the bills — primarily dopey investors and de facto complicit borrowers — the politicians/judges/lawyers are moving to capitalize (and criminalize if need be) behavior they once sanctioned.
Makes you almost feel sorry for Brian Moynihan. Almost.
