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This new unit will hold accountable those who broke the law.

Obama announces mortgage crisis investigation unit

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New York Attorney General Eric Schneiderman will lead a new mortgage crisis investigation unit, announced by President Obama in his state of the union last night.

The special unit will investigate wrongdoing by banks related to real estate lending, and how that contributed to the financial collapse and the mortgage crisis.

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In his speech, Obama said, “This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.”

Schneiderman’s office says the New York attorney general gained attention as a leader on this issue when he criticized a proposed settlement between the 50 state attorneys general and the five largest banks.

The unit will also include representatives from the securities and exchange commission, and the criminal division of the department of justice, among others.

 

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