There are strong reasons to believe that major players in the mortgage industry illegally cheated millions of people.
But the Obama administration and federal banking regulators are pushing state attorneys general to accept a settlement with the major mortgage firms that would impose no criminal penalties for breaking the law.
New York Attorney General Eric Schneiderman is standing up make sure Wall St. crooks don’t get a free pass. According to news reports, Attorney General Schneiderman is unwilling to sign on to the settlement if doing so would prevent him from prosecuting the banks for violations of state law.
There’s no doubt that he’ll take a lot heat for standing up to the Obama administration and federal regulators (not to mention the big banks). So make sure Attorney General Schneiderman knows that New Yorkers have his back.
And as the Attorney General of New York, someone who promised on the campaign trail that he would be the Sheriff of Wall Street, Eric Schneiderman has a unique opportunity and a unique obligation to stand strong for the victims of the unscrupulous financial firms.
The notorious robo-signing scandal is just the tip of the iceberg when it comes to wrongdoing by the mortgage industry.
Through congressional hearings and investigative reporting, the public has heard of numerous stories of big financial firms engaging in shady mortgage practices, many of which seem on their face to violate various laws and regulations.
Yet the there is a rush by federal regulators and the White House to settle with the banks and avoid prosecution. In exchange for fines and industry reforms (most of which arguably simply restate duties the banks already have), nobody goes to jail.
If we let that happen, we send the message to giant financial firms that it’s okay to rip off millions of people and make obscene amounts of money doing so. Civil penalties will simply be part of the cost doing business, the law be damned.
Last month, we delivered over six thousand signatures from members of CREDO Action asking New York Attorney General Eric Schneiderman not to agree to any settlement with the mortgage servicing industry that doesn’t include criminal penalties.
Let’s keep the drum beat going to make sure he knows that we continue to support him.
Thank Attorney General Schneiderman for standing up for the victims of Wall St. crooks, and tell him to stay strong.
To sign the petition click here…