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State Attorney Generals Target Mortgage Mess

By: Eric Schneiderman and Beau Biden

November 6, 2011 09:04 PM EST

Eric Schneiderman-Attorney General for state of New York.

America’s free markets work only when there is one set of rules for everyone — and everyone plays by those rules.

It is now clear, however, that many in the mortgage finance industry ignored the rules over the past decade. This led to a breakdown in our housing market and in the market for mortgage-backed securities.

These two markets are inextricably linked. Any real effort to repair the damage caused by the collapse of the housing bubble must address the injury in both sectors. Tens of millions of homeowners and millions of investors — including retirees with money in pension and mutual funds — were devastated by this man made catastrophe. [Read more...]