BREAKING NEWS: It’s the eleventh hour and the White House is about to strike a deal with big banks.
President Obama wants to be able to point to a big bank foreclosure settlement in Tuesday’s State of the Union as a measure of progress towards more Wall Street accountability. But the deal on the table is appalling, especially when compared to 2011 big bank bonuses.
Proposed total restitution for the millions of Americans who lost their home due to illegal foreclosure tactics: $20 billion.1
2011 big bank bonuses: $144 billion.2
Something is very wrong with this picture.
$20 billion is only a fraction of what is needed to reduce principal balances on millions of underwater homes; it is shameless that the White House isn’t demanding more money for principal reduction from the same big banks that crashed the economy.
Can you call the White House right now and tell them to launch a full investigation into Wall Street and make sure big banks are held fully accountable for the crimes that caused so many to lose their homes?
Right now big banks are sitting on an unprecedented mountain of cash: over $1.6 trillion. According to The New Bottom Line’s Pulling Back the Curtain report, big banks are set to award $144 billion in bonuses and compensation for 2011. The money is there.
We need the President to make sure Americans get back to work and keep their homes, not pad the pockets of the wealthiest Americans. He can do this by launching a full investigation of Wall Street, not just letting big banks off with the current sweetheart deal that is on the table.
Call the White House at (202) 456-1111
Call Obama for America at (312) 698-3670
Here’s an example of what you can say when you call:
“Hi, my name is ________, and I am calling from [STATE]. I’m calling to ask President Obama to stand up for homeowners and hold Wall Street accountable. There must be a full investigation into the big banks before any settlement is reached. And any settlement must include at least $300 billion worth of principal reduction for underwater homeowners.”
Ian, Tracy, Ilana, and The New Bottom Line coalition