Seventeen out of the fifty state attorneys general currently investigating the robo-signing foreclosure scandal at some of the nation's largest lenders will be out of a job in a few months.
In fact, one of the leaders of the cause, Ohio Attorney General Richard Cordray, who filed a lawsuit against Ally Financial's GMAC Mortgage, charging faulty foreclosure practices, lost re-election to Mike DeWine.
Iowa Attorney General Tom Miller, who is heading up the investigation, did keep his seat and sent out a statement saying: "While some members of the multistate group, including a few executive committee members, will change political leadership in January, these changes do not affect the work we are now doing at the staff and leadership levels. This is a bipartisan and united effort with a clear mandate to put a stop to improper mortgage practices."
I spoke with AG Miller this afternoon about the possibility that the change in leadership would speed up the process:
Miller: I don't think it will speed it up. We're already going as fast as we can, but the limitations are we want it to be thorough. I don't think that some AGs leaving will make it go any faster than it is.
Olick: What about the fact that some on the investigation's executive committee were not re-elected?