The subprime mortgage meltdown that precipitated the foreclosure and credit crises was the result of a complex series of events. The entire financial system was involved, and trying to assign blame after the fact is very difficult.

Yet state and federal authorities seem determined to push ahead with investigations that could result in charges of mortgage fraud.

This week, state governments, the federal government, and some of the nation's largest banks entered into a $25 billion settlement over how those banks handled foreclosures during the downturn. Bank of America, JP Morgan Chase, and Wells Fargo were among the banks participating in the settlement.

The questionable practices used by the banks included the practice that came to be known as "robo-signing." This involved failure to satisfy legal requirements for review of foreclosure petitions. The settlement establishes how the banks are required to handle foreclosures and how loans are to be serviced.

As large as the settlement is, with its $25 billion price tag, the government claims that much still remains unresolved about the conduct of individuals in the real estate industry and elsewhere in the financial system. The U.S. Justice Department will lead a state-federal group to investigate whether promises made to investors or others were actually misrepresentations.

"Our goal is to cut through a lot of confusion, identify what the misconduct out there was - criminal or subject to civil penalty - and come up with a comprehensive solution," said New York Attorney General Eric Schneiderman.

It remains to be seen what that "comprehensive solution" will look like.

Source: "Bank Mortgage Probes Will Proceed, New York and Delaware Say," Business Week, 2-16-12