Dear Washington MoveOn member,
Reports are circulating that a settlement of the robo-signing case between the big Wall Street banks and the 50 state attorneys general will be announced as soon as next week. Early indications are that the settlement will amount to yet another unconscionable giveaway to the banks.
The settlement will provide too little money to homeowners, require only trivial financial penalties for the banks, distributehuge amounts of money to individuals who were NOT fraudulently foreclosed upon, and will not have sufficient enforcementmechanisms to ensure that the money banks are supposed to pay actually gets paid—all while falling far short ofcompensating actual victims for the losses they wrongfully sustained. Worst of all, early reports indicate that the settlementgrants civil and criminal immunity to the Wall Street banks and their executives.
Oppose any settlement of the robo-signing case that provides civil or criminal immunity to banks or their executives. Instead,create a program that helps Washington state homeowners damaged by fraudulent bank processes to sue banks for full recoveryof damages and punitive awards.
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