Thank the Security and Exchange Commission for Pursing Justice for Homeowners

Bank_of_America

Target: Elisse B. Walker, Chairman of the U.S. Security and Exchange Commission

Goal: Thank the U.S. Security and Exchange Commission for pursuing justice for over four million homeowners who were foreclosed on due to irresponsible banking practices

The 2008 financial crisis sent the housing market into the deepest decline since the Great Depression. As a result, many homeowners ended up owing the banks more than what their homes were wroth. Since 2007, over four million Americans have experienced foreclosure. Many confiscated houses are still sitting empty, burning a hole in the bank’s pocket. California, Arizona and Florida were hit particularly hard, leaving shocking numbers of abandoned homes. The U.S. Security and Exchange Commission has been pursuing a lawsuit against 14 banks who were believed to be partly responsible for the overwhelming number of foreclosures. Thank the U.S. Security and Exchange Commission for pursuing justice for many Americans who lost their homes.

For more than a month, the Security and Exchange Commission and the Justice Department have been working together to discuss settlement terms with 14 major banks against which the lawsuit was filed. The lawsuit was filed because both agencies believed the banks had been distributing faulty paperwork and excessive fees to homeowners who had taken out loans. A settlement is expected, but not yet confirmed. It is believed the banks have agreed to pay $3.75 billion to individuals who have already been foreclosed on, and another $10 billion to homeowners who are in the process of foreclosure.

If things continue to move forward, a deal could be reached by the end of the week. Until then, the number of current and previous homeowners who could benefit from the settlement will remain unknown. The banks currently in negotiation include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Ally Financial. Sign the petition below, and thank the U.S. Security and Exchange Commission for bringing justice to million of Americans affected by the banks’ irresponsible lending practices.

Dear Ms. Walker,

Since 2007, over four million American have lost their homes due to foreclosure. The 2008 financial crisis caused the biggest dip in the housing market since the Great Depression. As such, many of these families ended up owing the banks more than their houses were worth. Many of these foreclosures were caused, in part, by banks’ irresponsible lending practices.

Thank for your continuing to peruse action against banks that allegedly gave clients faulty paperwork and charged excessive fees. If the banks agree to a settlement, the money they pay would help many families who have lost their home, and will help others in the process of foreclosure keep their property.

Sincerely,

[Your Name Here]

Photo Credit: Fotopedia

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64 Signatures

  • Eric von Borstel
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