NY AG Probing Lender/Broker Ties

New York Attorney General Andrew Cuomo has initiated several investigations focused on lender relationships with mortgage brokers and appraisers, according to an attorney who specializes in fair-lending litigation."As expected, Attorney General Cuomo has commenced a number of active investigations related to various aspects of mortgage lending," Andrew Sandler told MortgageWire. "Specifically, he has a number of active investigations pending involving pricing and underwriting issues, as well as inquiries focused on predatory lending." The partner at Skadden Arps described the level of scrutiny the New York AG is applying to the mortgage industry as unprecedented. "There are currently more inquiries out of the New York AG than I have ever seen from any individual enforcement agency at any single point in time," Mr. Sandler said. The NY AG's office has not responded to inquiries about its mortgage industry initiatives.