Mike McCarthy, Keya Alvarez, and Ken Kelly. Not exactly household names, but they are among the homeowners from 13 states who traveled to Des Moines today to meet with Iowa Attorney General Tom Miller. Miller is leading the 50-state investigation into the big bank foreclosure scandal. At stake in the meeting? Millions of people's homes.
The Attorneys General and their investigation is the best line of defense for families fighting to save their homes. As I write, homeowners from across the country are piling into First Christian Church in Des Moines with high expectations for a settlement that truly lives up to the urgency of this moment. Big Banks like Bank of America and Wells Fargo sent the economy to the brink of total collapse and two years later have done nothing to clean up the mess they created. As it's clear the banks are not going to do the right thing unprompted, the American people need to ramp up the pressure up on the banks, and on Attorneys General. And that's exactly the focus of today's meeting.
You can be a part of the meeting by signing onto this letter that we will be delivering to Attorney General Miller.
Here's what homeowners will be pushing for in this meeting:
- Servicers must be compelled to engage in real, meaningful loan modification work with borrowers before any foreclosure proceedings can be initiated. They must prove they have done the work and used all tools available to keep families in their homes. The modification must be sustainable and include measures such as lowering the rate, taking into account household debts and medical expenses, and making resolutions for the life of loan.
- Principal reduction for owner-occupied homes must be mandated as a first line loan modification tool. Writing down the mortgage to current market or near market value for owner occupants in danger of, or in foreclosure will immediately begin to stabilize the housing market and the economy while bringing more solidity to communities and families.
- Remedies must be put in place for homeowners who have already lost their homes in this broken and unlawful system, including reinstating ownership of their house and financial restitution.
- Bank executives who committed fraud should be prosecuted. Any settlement needs to go beyond fixing paperwork, fully addressing ongoing abuse and ending the flood of unnecessary foreclosures.
The banks have had two years to start doing their part to revive the American Dream and the American economy. Thus far, they've done nothing. Today everyday Americans like Mike, Keya, and Ken are doing their part to make sure Attorneys General use the full extent of their power to make sure the banks finally get it right.
Join us today by signing on to our message to Attorneys General nationwide.