In this letter, Credo informs activists about the recent Fraud Settlement. Another sad story requiring more action.
The second is from Public Citizen about new legislation that could help regulate speculative activity by banks.
1) Dear Mark,
CREDO Action from Working Assets
2. "The Servicing Settlement: Banks 1, Public 0," Adam Levitin, Credit Slips, 02-09-12
3. Twitter, 02-09-12
4. "Mortgage Plan Gives Homeowners Bulk of the Benefits," Nelson D. Schwatz and Shaila Dewan, New York Times, 02-09-12
5. "Wall Street Aristocracy Got $1.2 Trillion in Secret Loans," Bradley Keoun and Phil Kuntz, Bloomberg, 08-22-11
6. "The Wall Street Bailout Plan Explained ," David Stout, New York Times, 09-20-08
7. "FAQ: The foreclosure settlement ," Sarah Halzack and Sarah Kliff, WashingtonPost.com, 02-09-12
8. "Big Banks Save Billions As Homeowners Suffer, Internal Federal Report By CFPB Finds," Huffington Post, 03-28-11.
9. "U.S. AG Eric Holder, DoJ Head Lanny Breuer Linked To Banks Accused Of Foreclosure Fraud ," Reuters, 01-19-12.
One of the most important reforms intended to ensure Wall Street can never cause another financial crash deserves your input.
It’s a section of the Dodd-Frank Wall Street reform law called the Volcker Rule. The rule’s goal is to stop banks that receive federal backing from making risky, speculative bets — a practice called “proprietary trading.” Federal banking agencies are accepting public comments through February 13.
This might sound complicated, but our aim is simple: to ban the Big Banks from risking taxpayer money on high stakes gambles and keep them from crashing the economy again.
Tell the financial regulators: Banks should not be casinos.
The Big Banks have raked in billions on these risky bets. In fact, the speculation is so lucrative that some banks have made it their primary focus. This means that, instead of fueling the real economy like they’re supposed to, these banks are siphoning money away from it. But when they lose big, taxpayers cover the losses.
Basically, the Volcker Rule would stop federal subsidies for banker gambling and help reorient the banks toward building a sound economy.
Wall Street lobbyists have met with the regulators more than 350 times in an attempt to fill this new rule with loopholes. Their priority is protecting this risky source of bloated, bonus-producing profits.
The regulators need to hear from people like you who care about the stability of our financial system, not rigging the system for Wall Street.
Urge the financial regulators to adopt a strong, simple Volcker Rule.
all you do,|
Public Citizen’s Online Action Team