FOR IMMEDIATE RELEASE
Contact: Carlos Marroquin 323-592-4663
HOMEOWNERS OPPOSE BANK OF AMERICA MORTGAGE FRAUD SETTLEMENT
“Mortgage Fraud Settlements are Bailouts for Criminal Wrongdoing,” declares Occupy Fights Foreclosures
August 7, 2014—As Bank of America nears a $17 billion settlement with the United States Justice Department for mortgage securities fraud, homeowners point out that mortgage fraud settlements are not justice. Bank of America has committed trillions, not billions, in a massive fraud in a colossal scale that continues to have lasting repercussions. This settlement does nothing to help families who are still losing their homes, six years after the massive financial crimes of the big banks were initially exposed.
Bank of America swiftly arranged to settle with the Department of Justice following last week’s $1.3 billion civil penalty issued by a New York district court judge for defective mortgage loans from Bank of America’s Countrywide unit. This expected settlement follows last year’s multibillion-dollar bail-out agreements with Citigroup and JPMorgan Chase. Still, the damage these banks caused to the nation and families will last for decades. These mortgage lenders continue to disregard the California Homeowners Bill of Rights and trample on individual families.
Settlements are a cover-up, a bail-out to those who intentionally broke the law. National mortgage fraud settlements benefit only the banks (who gain relief from numerous claims by state and federal agencies) and the government (who receives a cash infusion). Despite promises of homeowner aid, little to no money reaches individual victims of mortgage fraud. Settlements do not discourage the banksters to stop; they only reinforce that is will be possible to pay their way out of future crimes!
We, the People, condemn the Department of Justice for going after money instead of bringing justice for the millions of Americans harmed by the financial crimes of the big banks. We don’t want settlements—we want our homes and we want the abuses to stop.
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BofA is a ruthless, cold, calculating, criminal who doesn’t care about you or your family. They are at the top of all that decent and good people seem as despicable.