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Monday, February 13, 2012

AFL-CIO: Banks Settlement A Good First Step


2/9/2012


By Doug Cunningham
The AFL-CIO says Thursday’s announcement of an Attorneys General settlement with banks on fraudulent mortgage and foreclosure practices is a step towards addressing the housing and foreclosure crisis that still plagues us. The $25 billion settlement provided some compensation for foreclosure victims and homeowners who are underwater on mortgages without requiring individuals to waive their legal claims. The AFL-CIO applauded Attorneys General Eric Schneiderman, Kamala Harris and others who the labor federation says fought to improve the terms of the settlement. It’s their efforts, the AFL-CIO says that made sure banks have not been released from their liability for fraud and other illegal conduct involving mortgage backed securities that were central to the Wall Street financial meltdown. The AFL-CIO is urging President Obama to “provide the federal investigative task force with the resources necessary to address the $750 billion in negative home equity that is the result of illegal conduct by banks.”
By Doug Cunningham
The AFL-CIO says Thursday’s announcement of an Attorneys General settlement with banks ons is a step towards addressing the housing and foreclosure crisis that still plagues us.

The $25 billion settlement provided some compensation for foreclosure victims and homeowners who are underwater on mortgages without requiring individuals to waive their legal claims.

The AFL-CIO applauded Attorneys General Eric Schneiderman, Kamala Harris and others who the labor federation says fought to improve the terms of the settlement. It’s their efforts, the AFL-CIO says that made sure banks have not been released from their liability for fraud and other illegal conduct involving mortgage backed securities that were central to the Wall Street financial meltdown.

The AFL-CIO is urging President Obama to “provide the federal investigative task force with the resources necessary to address the $750 billion in negative home equity that is the result of illegal conduct by banks.”


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