January 26, 2012



A sweetheart "settlement" between the White House and big banks guilty of mortgage fraud has at least been delayed. Now that a new investigation of the banks has been announced, we need to increase our pressure -- especially when President Obama, in his State of the Union, is still blaming borrowers for taking out loans they couldn't afford. We can’t let the big banks off the hook. Tens of thousands of us have already contacted state Attorneys General to block a White House/bankster sweetheart deal. Please join us, and please forward this to your friends.


The Obama Administration has been working on a sweetheart mortgage fraud settlement with the big banks, but attorneys general in several states are pushing back.

Encourage leading attorneys general to stand strong.

Obama's speeches stress fairness and equality, but a settlement granting immunity to big banks is not fair.

Robosigning and other fraudulent practices are ongoing. The White House is offering the banks a plea bargain in the middle of a crime spree. We must insist that:

the fraud be stopped;
the amounts under discussion for a possible settlement be rejected as way too small;
a serious and fast investigation of the big banks be launched;
no immunity from prosecution be granted;
the current $750 billion in negative home equity be written down, beginning with mortgages owned by the banks rather than pension funds or other investors;
the Obama administration comply with Freedom of Information requests for information on its secret negotiations with banks in this matter.
Attorneys general in Delaware, New York, Massachusetts, Nevada, California, and other states are pushing in the right direction.

Tell leading attorneys general not to settle for less than an adequate settlement.