Time To Make A Call – 5 Reasons To Call Your AG Tomorrow
I’m in… how about you?
Tomorrow is the day where you and thousands of people will call our Attorneys General to demand a strong settlement against the big banks. Why is your phone call so important?
- The 50 state AG’s are starting negotiations with the big banks to hammer out settlement details NOW.
- A settlement decision could be made as early as May!
- The big banks are going to do everything they can to weaken any settlement that holds them accountable. (They are already crying foul against the first soft settlement proposed by the 50-state Attorneys General in early March.)
- A strong settlement means that millions of homeowners who are the victims of fraudulent mortgages could stay in their homes, while millions more could receive restitution.
- A weak settlement means that those responsible for perpetrating massive mortgage fraud would continue to get away with their crimes.
Tomorrow’s Details
Who: YOU + thousands of others What: Call your Attorney General and demand a strong settlement with the big banks. Where: From your work, home, or place of business When: Tomorrow, March 29th Why: Because the Attorneys General must hold the big banks accountable. How: The phone number, a sample telephone script, and other details will be sent to you tomorrow morning. Call your Attorney General tomorrow to demand they choose a side: the homeowners they’ve sworn to protect or the big banks that broke the law and bankrupted the economy.
Tags: Attorney General, Banks
Good idea. I will call (and cross post).
4. “fraudulent mortgages”? What is fraudulent about them? The terms are spelled out in the documents. The only question is: Who has the right to foreclose?, because they have been parted out and combined in such complicated ways. And that is the only reason a “settlement” is being hammered out. They have to be able to enforce the things to some extent or deadbeats will stay in the homes without paying another 25 years.
5. The “big banks” were themselves partly victims of this mess. They actually bought tons of raw (whole) mortgages from the fraudulent loan originators (mortgage brokers) to repackage and sell as mortgage backed securities (bonds). The securites themselves were not bad. It was the junk (mortgages) they were made out of that were bad. The “big banks” were left sitting on much of this unsellable junk, hence the liquidity crisis.
Giving a homeowner who made a bad investment (buying at the top of a bubble market) a free ride is not going to fix anything except the frozen foreclosure bottleneck, and that’s what the settlement is all about.
So, Delbert, in 4, people are responsible for the mortgages they signed (usually poor/under educated people) whereas “big banks” were “victims” because they made crappy investments? Perfectly logical.
Caveat Emptor is the rule. The mortgages were not made out to be anything other than what they were: ADJUSTABLE RATE. If you want to gamble on interest rates in what is probably going to be your largest and most important investment, then you deserve what you get. The “big banks” originated some of these loans. They also bought all they could get because they had a huge demand from institutional investors who were starving for yield, thanks to Mr. Greenspan. Mortgage backed securities are and will continue to be roughly one third of the bond market. Your government relaxed the mortgage lending standards that were put in place back in the 1930s exactly to avoid this type of mess, because your government thinks that EVERYONE should own a home (false) just as it thinks EVERYONE should graduate from high school (false).
oh, you guys and your lollipop dreams…..
As if this would do anything. Coons and that other guy, Carney are already part of the system.
Let’s take a guess at who’s more powerful in Delaware….
you or Bank of America, Chase, ING, Barclay’s, Wilm Trust, Discover,
I could go on of course but, based on what’s been done the past 4 years makes my case for me.
The don’s right.
They finally put someone in jail for the mortgage debacle and the crashing of the economy after three years.
Some poor schmuck who signed a LIAR LOAN.
That’s right, not a BANKER, a homeowner.