Five years after the greed and recklessness of Wall Street criminals crashed our economy, Eric Holder’s Department of Justice is finally making some arrests. But it’s not Wall Street bankers sitting in jail. Nope, it’s struggling homeowners and foreclosure victims who went to DC to demand the end of Too Big to Jail.
Yesterday, 500 people surrounded the Department of Justice headquarters. 27 got arrested - 17 last night and 10 more this morning at 6 AM - and are refusing to leave until the Obama Administration agrees to get the DOJ to start launching criminal investigations into the actions that led to the Great Recession. We need your support to make this happen!
Please call the White House and tell them you support the homeowners and foreclosure fighters they’ve arrested at the Department of Justice and also want to see Wall Street criminals held accountable.
Here’s the contact info and a short script.
The White House Comment Line: (202) 456-1111
Hi, my name is _______________ and I’m calling in support of the 27 people you had arrested at the DOJ yesterday and this morning. You’ve arrested the wrong people. You should be arresting the Wall Street bankers who caused the Great Recession, not jailing struggling homeowners and foreclosure fighters just trying keep their homes from being stolen. Please end your policy of Too Big to Jail and start making Wall Street pay us back.
But Warren, with a grass-roots army of enthusiastic supporters and a yen to deliver on her early promise, makes headlines crossing the street. And the foreclosure review debacle represented an excellent test case to expose the corrupt dealing between banks and the regulators who are supposed to curb their excesses, and also to pit Wall Street denizens getting rich off these crimes against ordinary victims who lost their homes. You couldn’t tee up a better issue for Warren, or a better entryway for traditional media to report it.
Last Thursday’s hearing on the reviews, the first congressional hearing on foreclosure fraud in over a year, provided the perfect set piece. Warren, along with Jack Reed, Sherrod Brown and other Senate Democrats, pounded the regulators for protecting the banks and ignoring homeowners suffering from illegal foreclosures. Warren highlighted that nobody will ever learn the precise extent of harm suffered at the hands of banks, and that without a true accounting, adequately compensating homeowners would be impossible. Brown focused on the role of the third-party consultants who operate as shadow regulators, performing work when the agencies lack capacity, but without any independence from the banks.
If you’re caught with an ounce of cocaine, the chances are good you’re gonna go to jail. If it happens repeatedly, you may go to jail for the rest of your life, but evidently if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night.
A settlement reportedly in the works with big banks will soon end a review into foreclosure abuses, and it means more of the same: no accountability for financial institutions and little help for borrowers.