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U.S. SC to decide legality of N.Y. AG's investigation

By John O'Brien | Jan 16, 2009


WASHINGTON (Legal Newsline) - The U.S. Supreme Court has decide to consider if New York Attorney General's Office should be investigating the mortgage lending practices of some national banks.

Attorney General Andrew Cuomo recently settled with a pair of mortgage brokerage companies he claimed were charging higher fees to minority customers, though it was Eliot Spitzer who initiated the investigation of several large banks in 2005.

Spitzer later became governor and resigned following a prostitution scandal.

Cuomo's brief is due Feb. 25.

Spitzer's investigation included records requests sent to many banks, including Wells Fargo and Citigroup. Spitzer sought information on mortgage rates to minorities.

The federal Office of the Comptroller of the Currency and a group of banks successfully had Spitzer's probe blocked.

From Legal Newsline: Reach John O'Brien by e-mail at john@legalnewsline.com.

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