Californians for a Fair Settlement Urge California Attorney General Kamala Harris, Who Faces Increasing Pressure, to Stand Firm Against the Big Banks
FOR IMMEDIATE RELEASE: November 8, 2011
MEDIA CONTACT: Ana Beatriz Cholo, 312-927-4845 (cell), anabeatriz@couragecampaign.org
Californians for a Fair Settlement Urge California Attorney General Kamala Harris, Who Faces Increasing Pressure, to Stand Firm Against the Big Banks
Courage Campaign’s Rick Jacobs Says “We Have Your Back”
Los Angeles – Californians for a Fair Settlement is urging Attorney General Kamala Harris to reject any bank settlement that does not provide genuine restitution and reform in response to fraud committed by banks and mortgage services against the working families of this state. Recent media reports point to the pressure Harris is facing to rejoin the talks and cave in to their ludicrous demands.
“Attorney General Harris needs to stand with the people of the “Occupy” movement whose cries for economic justice are ringing loud and clear – from Oakland to Los Angeles, from Fort Bragg to Irvine,” said Rick Jacobs, chair and founder of the Courage Campaign, an online grassroots political organization with over 750,000 members around the country. “She should also know that there are thousands of us who support her and are proud of her. Kamala, stay on the offense. We have your back.”
Coalition partner Steve Matthews, Executive Director of SEIU 721, said "We honor our AG for focusing on the needs of Californians. We trust that she will continue to do that."
In a letter sent to Harris today, the progressive groups that form the coalition outline five of the key elements needed for any settlement to be considered fair.
They include:
- imposing a fairly applied principle reduction;
- a narrow release of liability;
- an overhaul and reform of the system that would include banning banks from continuing to foreclose on families while they are undergoing loan modification;
- requiring banks to give homeowners a single point of contact;
- penalties for banks who fail to hold up their part of the agreement;
- assurance that homeowners who were kicked out of their homes without due process will receive fair and ample restitution.
To read the entire letter, click here.
“We need every Californian who has been affected by foreclosure, needs a loan modification, and/or is underwater to reach out to the Attorney General's office and let her know that Californians support these key elements of the settlement and we want her, as the people’s attorney needs to to not only stand firm but to escalate pressure on the banks to fix California’s hardest hit communities,” said Richard Hopson, Alliance of Californians for Community Empowerment (ACCE) Statewide Chair.
Donna Vieira, a San Leandro resident, is one of thousands of homeowners demanding bank accountability.
“We need a clear timeline and direction from AG Harris to criminally investigate and criminally prosecute the too big to fail banks," Vieira said. "My loan with Wells Fargo is loan origination fraud. After two appraisals on the same day, they chose the fraudulent appraisal to originate the mortgage loan and from close of escrow, my home was $243,000 underwater. One year later, Wells said they would buy it back but instead securitized the loan and sold it to a pool of investors, knowing the loan was fraudulent. After they made profits, Wells has now foreclosed on my home.”
Harris’ decision last month to withdraw from the 50-state settlement talks bolstered the efforts of the newly-formed Californians for a Fair Settlement, a group made up by the Courage Campaign, the California Federation of Teachers, the California Nurses Association, Unite HERE, SEIU 721, SEIU-USWW, UDW Homecare Providers Union, Ella Baker Center, Alliance of Californians for Community Empowerment (ACCE).
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Courage Campaign is a multi-issue online organizing network that empowers more than 750,000 grassroots and netroots supporters to work for progressive change and full equality in California and across the country.