The resolution of a 50-state probe of foreclosure practices shouldn’t block individual states from investigating the mortgage-servicing industry, according to the office of New York Attorney General Eric Schneiderman.
“Any settlement agreement should preserve the ability of attorneys general to follow the facts where they lead and not be precluded from conducting comprehensive investigations,” Lauren Passalacqua, a Schneiderman spokeswoman, said yesterday in a statement.
The statement came as chief law enforcement officials from some states attended a North Carolina gathering sponsored by the National Association of Attorneys General. In March, the attorneys general sent a 27-page term sheet to the biggest U.S. mortgage servicers, laying out possible changes to foreclosure practices, including new documentation rules and calling for a loan-modification program.
“The attorney general of New York has expressed some concerns about his ability to pursue cases outside of the settlement and we are working to see if we can address those concerns,” Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, said in a telephone interview yesterday. Miller is helping to lead a state-federal probe of mortgage- servicers.
Greenwood declined to comment further on the discussions or details of a proposed settlement.
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