After the lawsuit between investors and Bank of America ended in a media-frenzied settlement, some have stood up to protest the agreement that was reached. Today when American International Group (AIG) filed a lawsuit, the company also filed to intervene in the settlement claiming that Bank of New York Mellon did not negotiate fairly on behalf of the investors represented in the suit.
It now appears that there will be additional interveners in the suit. Attorney Generals in New York, Eric Schneiderman, and Delaware, Beau Biden, declared their intent to intervene to protect public pensions that may have invested in the trusts. These may help to stop foreclosures in some states. The two AG'S are calling into question the entire mortgage backed securities market, claiming robo-signing and document fabrication evidence a bigger issue: a fraud on the market of epic proportions.
As sparks re-ignite regarding the Bank of America settlement, more investors are likely to seek inclusion on their own behalf in order to protect their interest. This is just the latest shoe to drop in the tangled web in the creation of mortgage backed securities. If you are facing a Jacksonville Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today.
