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FAITH & COMMUNITY GROUPS TO LAUNCH “FLORIDIANS FOR A FAIR SETTLEMENT”

Events in Miami & Orlando Call for Federal Investigation of Mortgage Fraud by Big Banks, Accountability for Housing Crisis

  

On Wednesday, December 21, a new coalition of faith leaders, homeowners, workers and state and local officials will hold events in Orlando and Miami to launch an effort calling for a full investigation into the mortgage crisis that has devastated the state.  The new coalition – “Floridians for a Fair Settlement” – includes Florida New Majority, PICO Florida, FOCUS Orlando, Miami Workers Center, ForeclosureHamlet.org, 4closurefraud.org, Organize Now and a growing number of groups.  Calling the current multi-state Attorneys General settlement talks with the nation’s five largest mortgage servicers “deeply flawed,” the group will be calling on President Obama to undertake a full federal investigation of the mortgage crisis and provide real relief for Florida homeowners.

WHO:            Clergy, underwater and foreclosed homeowners, workers, policy experts and state officials including Senator Oscar Braynon

WHAT:          Press conference to launch new coalition “Floridians for a Fair Settlement”

WHEN:          Wednesday, December 21 at 11:15 am

WHERE:        Foreclosed Apartment Building at 1459 NW 60th St

VISUALS:      Homeowners, displaced tenants & clergy standing outside a foreclosed apartment building, displaced tenants, clergy in vestments, people holding signs.

 

MORE INFORMATION:

According to published reports, the Obama Administration and state Attorneys General across the U.S. are considering a deeply flawed settlement proposal with the banks at the heart of the nation’s housing woes.  This settlement as reported would: 

  • Give the nation’s largest banks immunity for fraudulent behavior that still has not been fully investigated;
  • Force homeowners to continue to foot the bill for 98% of underwater mortgage debt while requiring very little from the banks that caused the crisis; and,
  • Do nothing to reduce underwater mortgage debt for the 60% of borrowers whose loans are owned or guaranteed by Fannie Mae, Freddie Mac or the Federal Housing Administration.

Floridians for a Fair Settlement is coming together to call for an investigation into the mortgage fraud responsible for the crisis, and a fair settlement that includes: 

  • Accountability. The banks should not be granted broad release of liability for conduct that still has not been fully investigated.  
  • Fairness. The banks should be required to do widespread and fairly applied principal reduction, especially in communities hardest-hit by the crisis. 
  • Meaningful Relief. The settlement amount must reflect the scale of the crisis. The current estimate of just $20 billion is not nearly enough. We believe that a settlement amount of at least $250 billion would begin to put a meaningful dent in the problem.
  • Restitution. The banks must be required to provide real restitution for families who have already lost their homes in this abusive, fraudulent system. 

 

 

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