The Obama Administration has been working on a sweetheart mortgage fraud settlement with the big banks, but attorneys general in several states are pushing back.
Encourage leading attorneys general to stand strong.
Obama's speeches stress fairness and equality, but a settlement granting immunity to big banks is not fair.
Robosigning and other fraudulent practices are ongoing. The White House is offering the banks a plea bargain in the middle of a crime spree. We must insist that:
- the fraud be stopped;
- the amounts under discussion for a possible settlement be rejected as way too small;
- a serious and fast investigation of the big banks be launched;
- no immunity from prosecution be granted;
- the current $750 billion in negative home equity be written down, beginning with mortgages owned by the banks rather than pension funds or other investors;
- the Obama administration comply with Freedom of Information requests for information on its secret negotiations with banks in this matter.
Attorneys general in Delaware, New York, Massachusetts, Nevada, California, and other states are pushing in the right direction.
Tell leading attorneys general not to settle for less than an adequate settlement.
Another Win: Thanks to all of you who helped pressure Mitt Romney to release his tax forms. He has now done so.
We would have more strength with even more people. Please forward this email to everyone you can and encourage them to join RootsAction.
Aimee, David, Jeff and the RootsAction team
P.S. Our small staff is supported by contributions from people like you; your donations are greatly appreciated.
The Nation: Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious
Naked Capitalism: Obama to Use Pension Funds of Ordinary Americans to Pay for Bank Mortgage “Settlement”
Judicial Watch Sues Obama Administration for Documents Detailing Secret Settlement Negotiations With Mortgage Lenders Accused of Faulty Mortgage Practices
(Image credit to The Nation)