Non-Profit Campaign Works to Hold Banks Accountable

Following the success of the documentary “Inside Job”, its creator lamented that none of the individuals responsible for the financial disaster had faced a judge, but a new movement seeks to change that.

Crime Shouldn't Pay is a 'campaign organized by a coalition of community, faith-based and labor organizing groups', according to their official website. The goal of the movement is to see bankers involved in the 2008 financial collapse held accountable, as the bankers following the Savings and Loan crisis of the late 1980's were tried for their crimes.

The group is working on a petition as well as a national call-in to attorney generals today to spur action on this issue. They hope to have more than 10,000 phone calls placed today to send a strong message about the American public feels about this issue.

The 50-state Attorneys General have the opportunity to restore both millions of homeowners and our economy by delivering a strong settlement against the big banks. But the big bank’s lobby and spin machine is already in overdrive, trying to weaken a middle-of-the-road settlement proposal suggested by the Attorneys General in early March.

The 15-page bank proposal, dubbed the Draft Alternative Uniform Servicing Standards, includes time lines for processing modifications, a third-party review of foreclosures and a single point of contact for financially troubled borrowers. It also outlines a so-called "borrower portal" that would allow customers to check the status of their loan modifications online.

But the document doesn't include any discussion of principal reductions. Nor does it include a potential amount banks could pay for borrower relief or penalties. Congress is expected to discuss the issue tomorrow, as a follow up to the work done by the Attorney General in each state.

Click here to find out how YOU can get involved on this matter and make a difference in this campaign!

Non-Profit Campaign Works to Hold Banks Accountable (Sam Williford) / CC BY-SA 3.0