A PUBLIC SERVICE ANNOUNCEMENT: Prosecuting the Banksters, and the Mortgage Mess

As many of you know, I’ve written a lot about the Mortgage Mess—see here in my blog’s directory, for a rundown of the posts I’ve written on the subject.

Yves Smith, whom I respect, posted the following at naked capitalism:

Tomorrow, a group of homeowners is meeting with Iowa’s attorney general Tom Miller, who is leading the 50-state effort which is investigating foreclosure and mortgage lending abuses.

This group is presenting a letter to Miller asking them to prosecute bank executives for mortgage fraud and wants to show broad-based support for this idea via having concerned citizens sign it.

Here is the text of their letter:

Dear Attorneys General,

We, the undersigned thank you for investigating fraudulent and illegal foreclosure practices by the nation’s biggest banks.

Your investigation is the best hope for homeowners and communities since this crisis began. Americans are watching. Our expectations are high that we will see justice for the millions of families who have lost their homes, the millions more who are at risk of foreclosure, and the neighborhoods across the country devastated by falling housing values and vacant properties as a result of widespread mortgage fraud.

The bank executives who committed fraud should be prosecuted. Any settlement needs to go beyond fixing paperwork, fully addressing ongoing abuse and ending the flood of unnecessary foreclosures.

We demand that any overarching settlement agreement contain mandatory loan modification programs, including principal reduction for owner-occupant families facing foreclosure and remedies for those families who have already lost their homes.

Now is the time for bold leadership from the nation’s Attorney Generals to hold big banks accountable for the damage they have done to families, communities and the nation’s economy.

I have signed this letter and strongly encourage you to do so. Please visit the site, www.crimeshouldntpay.com to support this effort. Thanks!

Gonzalo here (to borrow a phrase from Yves): I fully support her call, which is why I have signed this letter, and am now passing it along to my readers, so that they might do the same.

Bitching and moaning never ever achieved anything—in a democracy, numbers count. So please sign up—at least go on record that you support sticking it to these bankster fraudsters. 

This is important—and time is short. Thank you. 

GL