Do Not Count on the State Attorneys General

Unfortunately, the people elected (or appointed) to protect you from the likes of Wells Fargo, JP Morgan Chase and Bank of America from getting away with the theft of American homes are not doing their job.

While talks are ongoing between the State AG’s and the biggest banks involved with the foreclosure crisis, the numbers being discussed are, frankly, paltry. With the number of distressed homes (homes that are 30+ days overdue and/or in foreclosure) in the United States currently hovering around 6 million, having a total value of around 1.1 trillion dollars, the largest US banks are negotiating with the states to settle all potential claims for around 20 to 25 billion dollars.

Step back and think about that for a second. These banks want to settle with the states for 25 billion to secure access to property worth potentially 1.1 trillion. Well of course they do! Why wouldn’t they? It is a no brainer.

Luckily, at least one AG out there isn’t taking this lying down. Eric Schneiderman, New York’s Attorney General, is balking at these talks and says this isn’t enough. Calling it nothing more than a “quick, cheap settlement“, Schneiderman vows to veto the deal and retain New York’s right to go after these banks for the fraud committed on its citizens.

Threats of other AG’s simply ring hollow given the numbers being talked about.

But you, our faithful readers, can do something about this. Call or write your attorney general, your congressmen, the people who were elected to represent you. Not some faceless corporation at the root of the greatest housing meltdown since the great depression! Tell them this course of action is not acceptable. If the states, and thereby their citizens, are prevented from pursuing justice in a court of law, then the banks win by default as there can be no challenge. Sure, it cost them $25B to win, but that is a small price to pay when the prize is $1.1T.

We will watch these issues closely here at Lone Star Foreclosure, and until it is illegal for us fight against the wrongful foreclosure of our friends’ and neighbors’ property, we will continue to hit back and hit back hard.

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