The Minnesota Attorney General is asking for an agreement with “teeth” when it comes to settling with the nation’s largest mortgage lenders, asking that a settlement not release banks from criminal liability.
In a letter, Minnesota AG Lori Swanson said a settlement shouldn’t negate any investigations or charges stemming from securities claims, backing a key position held by New York Attorney General Eric Schneiderman that in part led to him being removed from a federal-state settlement team.
“Third, the banks should not be released from liability for conduct that has not been investigated and is not appropriately remedied in any settlement,” Swanson wrote in her letter.
Swanson’s letter was sent to Schneiderman, as well as Iowa Attorney General Tom Miller — who has led the joint settlement team — and the U.S. Department of Justice.
Schneiderman was removed from the panel last night, garnering support from the state Congressional District as well as a host of editorial boards and community groups.