Don't Let Wall Street Banks Use the Assets of Middle Class Ohioans to Pay the Penalty for Breaking the Law
* “This foreclosure crisis affects all of us: homeowners, families, neighbors, and state and local governments. It is clear that the current system isn’t working and unfortunately federal regulators have failed to bring meaningful reform to mortgage servicing"
Senator Sherrod Brown's letter Urges "Involved Parties" to Reject Wall Street Plan:
As Big Banks Continue their attempt to force a settlement, on all the soft Attorney Generals, (including Ohio's Mike DeWine) for Mortgage and Foreclosure Fraud, DO NOT use the Assets of Hardworking Americans to Pay for Illegal Foreclosure Practices
CALL NOW & tell Mike DeWine - NO !!! to Ohio caving to Bank "pay-off" or "sell-out"
Contact OHIO Attorney General ! Today!Toll-free: 800-282-0515 Columbus Local: 614-466-4986
Monday - Friday 8 a.m. - 7 p.m.
Ohio Attorney General Mike DeWine
30 E. Broad St., 14th Floor
Columbus, OH 43215
1- 19 -12 PRESS RELEASE:
“Instead of taking full responsibility for Illegal Foreclosures, Wall Street banks are trying to use the assets of middle class Americans to pay the penalty,” Brown said. “Penalties for Wall Street’s illegal practices must ensure meaningful relief for the more than one in five homeowners who owe more on their mortgage than their house is worth. But Wall Street banks must not be allowed to pass the buck to investors. The reported settlement terms would amount to a slap on the wrist, allowing banks to write down the investments of many of my constituents, without sacrificing anything. Teachers, first responders, law enforcement officials, and other pensioners and retirees should not be penalized for wrongdoing by Wall Street.” In a letter to Associate Attorney General Thomas Perrelli, Consumer Financial Protection Bureau Director Richard Cordray, U.S. Department of Housing and Urban Development Secretary Shaun Donovan, and Iowa Attorney General Tom Miller, Brown said that mortgage servicers should be required to provide meaningful assistance to Ohio homeowners who lost their homes illegally, but not on the backs of other working Ohioans.
"It is reported that the proposed settlement will include a number of components to address the wrongdoings of Wall Street banks and their affiliated servicers, including a system of mortgage principal reduction.....With more than one in five Ohioans owing more on their mortgage than their house is worth, and Ohioans nearly $16 billion underwater on their mortgages, there is no question that principal reduction can and should be an element of any plan to aid homeowners."
(Read in more detail - Ohio Underwater Crisis - from MVOC Press conference)
1- 4 -12: Foreclose, Evict, Abandon - Sherrod Brown says NO
1- 4 -12: RELATED: OBAMA names RICHARD CORDRAY to head CFPB
1- 3 -12: PRESS RELEASE:
Brown Urges Agency to Take Action to Prevent Needless Evictions of Ohio Families and Neighborhood Blight
*SHERROD BROWN introduced the Homeowner Abuse Prevention Act of 2011