Take Action! Demand a Freeze on Foreclosures!

In recent weeks, it has been revealed that the nation’s largest banks have been fraudulently foreclosing on tens, if not hundreds of thousands of families. The big banks financed the predatory mortgage firms that caused the crisis in the first place, an now they are foreclosing on families, the unemployed, the sick, the elderly and even veterans using slipshod foreclosure mills to do their dirty work.

If you are as infuriated as we are call your State Attorney Generals Office today! Click here for a complete list of phone numbers.

Respectfully urge your Attorney General to protect the people and to “publicly call for an immediate moratorium on all foreclosures and to begin an investigation into banks’ foreclosure procedures.” Officials in Texas, Florida, Massachusetts, Michigan, North Carolina, California, Ohio and many other states are now calling for statewide moratoriums until an investigation can be conducted.

Fraud on the Front End, Fraud on the Back End

This entire crisis was preceded with "an epidemic of mortgage fraud," according to the FBI. The Wall Street Journal documented that 60% of the families given subprime loans had credit scores that qualified them for more consumer-friendly loans. Numerous lawsuits and studies document how blacks and Latinos were targeted by lenders for risky subprime loans in a violation of their civil rights. So it is no surprise that the fraud continues with false notarizations and "robo-signing" of critical legal documents.

On Tuesday, 49 state Attorneys General announced a joint investigation, but not a freeze, on foreclosures until the investigation is complete. The Attorneys General need to be pushed to do more, and President Obama must get busy as well or 11 million families are at risk of foreclosure.

President Obama Must Do More

The bottom line is that families facing foreclosure do not need temporary fixes or temporary financial aid. They do need a principle write-down making their homes more affordable. The government-owned entities Fannie Mae and Freddie Mac should take the lead serving as models for how to prevent unnecessary foreclosures by securing a principal write-down and making sure that all legal requirements are being met.

Yet rather than using this moment to call for a thorough review to make sure no family is being kicked to the curb unjustly, and to reach for real solutions that will help unemployed Americans facing the threat of losing their homes, Obama administration officials appear to be siding with the banks. Top White House political adviser David Axelrod, went on the Sunday news shows this past weekend to opine: "I'm not sure about a national moratorium because there are in fact valid foreclosures that probably should go forward."

If you haven’t been following the story, visit the website of Campaign for America's Future, where Zach Carter has been doing an excellent job tracking every move of the Banksters related to this fraud and more.

The big banks got us into this crisis by cutting corners, and these new fraud revelations show that they are continuing to act in an illegal and reckless manner that is prolonging the suffering and financial crisis of millions of American families facing hard times.