The AFL-CIO welcomes the announcement by New York State Attorney General Eric Schneiderman of his intention to sue banks for alleged violations of the National Mortgage Settlement. Last year, state and federal authorities and the largest mortgage servicers agreed to the National Mortgage Settlement to settle allegations that the servicers violated legal requirements during the foreclosure process.

Attorney General Schneiderman has alleged that Bank of America and Wells Fargo engaged in hundreds of violations of the mortgage modification standards agreed to in the National Mortgage Settlement. We applaud Attorney General Schneiderman’s diligent efforts to enforce the terms of the settlement.

But the real work of holding Wall Street accountable for the conduct that brought down the economy and threw millions of America's families out of their homes remains to be done. To this end, President Obama and Attorney General Holder must give the Residential Mortgage-Backed Securities Working Group sufficient federal resources to conduct a thorough investigation into the conduct of "too big to prosecute" banks and their executives.

Contact: Josh Goldstein (202) 637-5018