Last week, the Obama administration announced a settlement with the nation's five biggest banks over charges of mortgage fraud. This settlement between the banks and 49 states (Oklahoma has not signed on) amounts to an estimated $27 billion. The sum would be paid out in the form of principal reduction and restitution checks to homeowners and people who have lost their homes to foreclosure.
Yes, this is the largest payout by the banks since the start of the financial crisis. But we know that this amount can only begin the process of rectifying the damage the banks have done.More »
Lately, bad news for the banking industry has meant good news for the public — especially for the millions of people who continue to suffer through the housing crisis. So today was a good day.
This morning, New York Attorney General Eric Schneiderman filed a massive lawsuit against Bank of America, J.P. Morgan Chase, and Wells Fargo regarding their fraudulent use of robosigning and the electronic mortgage registry known as “MERS.” While the suit is specific to New York, it could spark other states to take similar action.More »
ColorOfChange just launched a new site to help force real accountability for the big banks responsible for the economic crisis. Today, President Obama received more than 360,000 signatures from people all over the country who want his administration to stand with homeowners and investigate the banks responsible for the mortgage crisis. The stakes couldn't be higher for Black America, which has watched its wealth plummet to the lowest its been in 25 years. Our communities have suffered disproportionately from predatory lending practices. If you signed our petition, that's great! Now it's time to engage in some direct action.More »
Today we launched a campaign calling on President Obama and Attorney General Holder to stand up to big banks and push for a full investigation of those responsible for the foreclosure crisis that devastated Black wealth. Check out the email we sent to our more than 800,000 members today and join the campaign here.More »
When California ColorOfChange members went to the polls last year to help elect Kamala Harris as the state's Attorney General, this was exactly the type of bold action they were hoping Harris would deliver. Harris, California's first elected black DA and the nation’s first elected South Asian DA, announced this week that she would ally with Nevada's AG to investigate misconduct and fraud in the mortgage industry. In other words, Harris said 'no' to an in-the-works plan to let the big banks off with a $20 million settlement-- a slap on the wrist that in no way compensates for the devastation brought on by their predatory practices.More »