Virginia Is Charging Into the Toxic Mortgage Civil Fray

Attorney General Mark Herring has filed a 1.15 Billion dollar lawsuit in Civil Court this week.   As reported by Housing Wire (link):

“The named banks are:

Barclays Capital
Citigroup Global Markets
Countrywide Securities Corporation
Credit Suisse Securities (USA)
Deutsche Bank Securities
Goldman, Sachs & Co.
RBS Securities
HSBC Securities (USA)
Morgan Stanley & Co.
UBS Securities
WAMU Capital
J.P. Morgan Securities (and as current owner of Bear, Stearns & Co.)
Merrill Lynch, Pierce, Fenner & Smith Incorporated (and as current owner of Banc of America Securities)

“Every Virginian was harmed by the financial crisis. Homes were lost, retirement accounts were devastated, small businesses saw their credit dry up almost overnight, and state and federal budget cuts hurt vulnerable Virginians,” said Herring.

“It will take many more years to recover the economic strength and stability we lost, but I will not allow Virginians to be left holding the bag for the reckless, fraudulent business practices of a few big banks who thought they were above the law. These banks lied to Virginia, and taxpayers and state employees lost hundreds of millions of dollars as a result,” Herring continued.”

This is a major development but one many appraisers and others in the housing profession will likely welcome.  


About woody22911

I am a professional assessor/real appraiser by trade; I manage a staff of 13 people. I have a bachelor of science in business admin and an associates in culinary arts. I am looking into a masters in public policy/public administration. I am also a musician, a father to three kids and I attempt to write. I have Diabetes II as a result from a condition that causes my body to produce unusually high triglycerides. I have been hospitalized with acute pancreatitis four times over the last 15 years. This particular blog is an attempt to document my successes and failures to fix the problem through nutrition and activity.

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