Tell the state attorney generals you want mortgage fraud prosecuted

[Hannah Bell]

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!

(from Yves smith, naked capitalism)

http://www.nakedcapitalism.com/2010/12/crime-shouldnt-pay-tell-the-state-ags-you-want-mortgage-fraud-prosecuted.html

[sabrina 1]

1. It's a shame we have to tell them what to do. You would think

they would already have done so. Back in 2005, the FBI knew there was fraud going on in the mortgage business and were investigating it. But Bush pulled most of them off those cases in the name of the great WOT. They did not have enough agents to pursue it.

It is clear why they are not doing it. But I agree that it is now up to us.

Thanks for the post, :kick:

[Hannah Bell]

2. they've already got an effort going, so i don't think it's that we have to tell them what to do.

it's more to give them political cover to do it, so they can say "the public supports this"