Can we put the blame on somebody for the realty crises? That is exactly what a team of lawyers is trying to prove as they probe the firms that finance the countries house buying. The investigation has already begun in New York and Delaware. Though not involved yet, California is interested in finding some answers. Recently California’s Attorney General, Kamala Harris met with New York’s Attorney General Eric Schneiderman. California’s homeowners have been hit hard during these difficult times and need just a bit of hope. Finding the liable party would give comfort to the injured party.

Delaware’s Attorney General, Beau Biden and Schneiderman have similar but distinct investigations taking place in their respective states. Though many want to see the very top, the executives, brought down the lawyers have been exploring the smaller. Some hope that by attending to those on the top could bring the inspection to a more formal level. Though so far the scrutiny has been focused on foreclosures and appraisals through banks, also leading auditors in the direction of small time brokers giving out deceptive loans.

Banks are feeling the pressure of Schneiderman’s investigations because New York has an widespread set of laws. The state has previously persuaded similar types of cases that never made in front of a federal court. A case could be built without proving intent of fraud. However, even with the support of the law, some fear a conviction will be hard to obtain. The case still rest on whether or not the banks purposely generated fraud. Proving someone’s deliberate intentions can be a difficult operation.

A group in the Senate has also been looking into the activities surrounding this real estate crisis. Nothing has been agreed upon thus far; however, with pressure from federal standings the cases in New York and Delaware (and soon California) are gaining more attention. The real question is: did banks misguide buyers? The people want answers and that is just what these investigators are doing. Hopefully, the pursuit to find the truth will have other states taking a closer look at those with the money. This is a process that takes time but there is confidence for those seeking justice.

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This is filed under Foreclosures.


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