Nearly 50,000 messages from Care2 and Working America members paid off: during the State of the Union address, President Obama announced a full investigation of mortgage bank fraud and abuses. This takes us one step closer to keeping millions of people in their homes, and to imposing real penalties on the bad banks.
While this is a major victory, it is also just another step towards relief. We cannot let up on the pressure and we cannot allow another bank bailout, or a slap on the wrist.
This investigation, co-chaired by New York Attorney General Eric Schneiderman, who has been a champion on this issue, "will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans."
Write a thank-you letter to Co-Chair Eric Schneiderman; thank him for his work and urge him to hold the banks accountable. We will also send a copy of your letter to the White House, so they too know where you stand on the issue.
I'm writing to thank you for your commitment to homeowners and to enforcing the law. I'm glad you'll be heading up a new task force to investigate fraud and misconduct by the big banks -- I hope you will continue to stand with homeowners against the people whose abuses caused the financial crisis.
We need a full investigation to find out how many homeowners have been victimized by robo-signing, breach of contract and other misconduct. We need to know which banks broke the law and whose greed and irresponsibility contributed to the crisis. And we need real penalties for banks and servicers who defrauded consumers.
As New York's Attorney General, you've fought to enforce the law against financial companies that violate it, and you've stood up to big banks' efforts to escape accountability for the housing crisis. We need you to bring that energy and that commitment to this new task force.
If you stand up for homeowners against the big banks, working people like me will stand with you. As President Obama said in his State of the Union address, we can't let anyone be above the law, and we can't let the greed and misconduct that got us into this mess to happen again. Millions of hard-working homeowners, many at risk of foreclosure, are depending on you to do the right thing.
I'm also sending a copy of this letter to the White House so they too know where I stand on the issue.
Thank you for your efforts on this critical issue.
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