California Attorney General Kamala Harris and 48 state Attorneys General just announced a $25 billion settlement with the banks that will be a down payment on the debt owed to homeowners and communities by the Wall Street gamblers that crashed our economy. This will bring relief to some of the victims of the fraud and abuse of Wall Street, and we will be supporting Attorney General Harris to make sure there is real implementation and enforcement of this settlement and a guarantee that California’s hardest hit communities – especially African American and Latino borrowers who were targeted by predatory lenders – are the first to benefit from this agreement.
Let's face it: the banks created $700 billion in negative home equity and $25 billion is merely a downpayment in compensation. ACCE, along with our partners in the ReFund California coalition, will be pushing for further litigation that will lead to significant restitution as well as due process for homeowners fighting for modifications. An aggressive investigation is the only way to build the leverage needed to reset mortgages to fair market value on a scale that will get our economy moving again. It is also critical that the next round of investigations delivers accountability, an end to dual tracking and principal reduction for Freddie Mac and Fannie Mae owned mortgages, which are 60% of the market in California.
We will also be demanding state-level legislation that will stop the bleeding of foreclosures that are still happening once every 75 seconds.
Alliance of Californians for Community Empowerment
Thursday, February 9, 2012
Attorney General Harris agrees to settlement
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