Petition the President
Years after Wall Street Bankers crashed the economy, 10 million Americans are still "underwater" – paying for mortgages that are more than our homes are actually worth. Wall Street Bankers must fix what they broke. Resetting mortgages to current home value will reduce foreclosures and inject $1 trillion into the economy. Our elected officials should make them do it.
President Obama and the Department of Justice:
Don’t let the big banks off the hook AGAIN. Require Bank of America and others to disclose who is helped under the consumer relief provisions of potential settlements and who is not. Ensure that the banks are meeting their obligations to help millions of struggling homeowners.
Recent news reports indicate that the Department of Justice is negotiating potentially record-breaking settlements with Bank of America and Citigroup over the wrongdoing that led to the mortgage crisis-- but we’re still waiting to see any of the promised relief from the $13billion settlement with JP Morgan Chase.
The JPMorgan Chase settlement contained provisions that were designed to help struggling homeowners, and was hailed by the DOJ as a blueprint for future negotiations, but so far the relief hasn’t gotten to those who need it most. Rather, Chase and other major banks seem to be seeking to get troubled mortgages off their hands by transferring servicing rights to newer mortgage companies not covered by major mortgage settlements.
It's way past time, but not too late, to hold Wall Street accountable. The Department of Justice should prosecute the bankers that wrecked the economy and make them pay to fix what they broke. And federal agencies like the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac and others should finally get relief to hard hit communities, including large scale "principal reduction" to save homes and restore our wealth.