Florida, Nevada Can’t Win For Losing On Mortgage Crisis – Yahoo Finance

15 Aug

Justice spokeswoman Ellen Canale would only disclose six states, however, which she said had “made their participation public.” Those areNew York, Massachusetts, Illinois, California, Delaware and Maryland. Connecticut and Kentucky confirmed their involvement to TheStreet. The other group members are West Virginia, New Jersey and Missouri, according to a person who works in an office involved in the group, citing a documentrelated to its work. Beth Ryan, spokeswoman for West Virginia Attorney GeneralPatrick Morrisey, Jeff Lamm, spokesman for actingNew Jersey Attorney General John Hoffman and Nanci Gonder, spokeswoman for Missouri Attorney General Chris Koster, all declined to comment. It’s not necessarily a requirement that a state attorney general be an official group member to receive a cash payout from one of the group’s settlements, but so far, at least, the only states that have received such payouts are indeed group members. The winners and losers among the states are separated by the savvy of their attorneys general. Some state attorneys general were better prepared and more determined than others when it came to seeking damages from banks over their conduct during the subprime housing boom. Paradoxically, many of the hardest hit states were among the worst equipped and least willing to punish the banks for their misconduct. Read More: Schneiderman Details $13B JPMorgan Settlement The five states that did get payouts from JPMorgan and Citigroup obtained them and are likely to receive even more because they pursued their own investigations into banks’ potential RMBS fraud.
visit http://finance.yahoo.com/news/florida-nevada-cant-win-losing-110000739.html

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