Obama Is on the Brink of a Mortgage Settlement With the Big Banks—and Progressives Are Furious

[Better Believe It]

14. Here's an e-mail I got from Richard Trumka, AFL-CIO President, today.

Dear XXXXXXXXXXXX

Sometime very soon, President Obama has a decision to make. The consequences will impact the lives of millions of underwater homeowners and the future of our economy.

Settlement talks with the Big Banks that caused our mortgage crisis are ongoing. And the Obama administration is a big part of those talks. The President and administration officials can either let Big Banks and mortgage fraudsters off the hook with a slap on the wrist—or push for real accountability.

Sign our petition to President Obama urging him to side with working families.

Big Banks and mortgage fraudsters have a lot to answer for. They abused and defrauded consumers—and their greed and recklessness caused a devastating financial crisis. There are 7.5 million homes that have entered the foreclosure process, with another 4.8 million homeowners at risk.

Now, it’s time to set things right. The Obama administration should reject any weak settlement that amounts to a slap on the wrist for bankers and fraudsters and push for a robust settlement that provides relief to millions of underwater homeowners.

Tell President Obama: It’s critical that the Department of Justice lead a comprehensive investigation. We need you to fight to hold Big Banks and mortgage fraudsters accountable and keep millions of Americans in their homes.

State Attorneys General from coast to coast have been investigating bank fraud. And a group of them—including New York’s Eric Schneiderman and Delaware's Beau Biden—have stood up for working families by working for a robust settlement that provides real accountability and has the potential to keep millions of underwater Americans in their homes.

This work must not be undermined by a premature and inadequate settlement. Wrongdoing was committed on a massive scale. That’s why it’s time for the Obama administration and the Justice Department to lead a full investigation—and work with the bravest state Attorneys General like Schneiderman and Biden to fight for real accountability and a tough settlement.

Tell President Obama: We need a settlement strong enough to ensure that this never happens again.

A key to getting our economy moving again is providing relief to underwater homeowners and making sure this kind of abuse never happens again. President Obama has to get this right. Let’s help him do the right thing.

Thank you for all the work you do.

In Solidarity,

Richard L. Trumka
President, AFL-CIO