Since the big banks' mortgage machinery involved loans on properties across the country, attorneys general in most states have broad criminal authority over most of these institutions.
As of Jan . 31 just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.
Mr. Rokakis estimated that more than three-fourths of the current foreclosures in Cuyahoga County involved subprime loans, some of them blatantly unwise or dishonestly portrayed to buyers.
"Everybody can buy that bond at a discount except that one guy who is most involved with the loan, the homeowner," says Alan Boyce, a mortgage expert who has worked with George Soros, an investor and philanthropist, on promoting the Danish model in emerging markets.
However, investors were told few details about the operation and investigators are trying to determine whether the "bridge loans" involved bona fide business activity or were simply a front for a new Ponzi scheme.
This involved large interest-free loans, without which support BFC would not have survived".
This involved £890m of student loans being sold to a debt management consortium for £160m.
The political battle over the guaranteed loan program involves a philosophical debate over how involved private lenders should be in a program to make college affordable.
They found that about 19 percent of all mortgage defaults in the second quarter of 2009 involved borrowers who could afford the loans.
