Just got off a conference call with Sen. Sherrod Brown, Rep. Brad Miller, Bob Borosage, co-director of Campaign for America’s Future and Justin Ruben, Executive Director of MoveOn.org.
All I could think was, “Talk about locking the barn door after the horse is out…”
They want any mortgage settlement deal to hold banks fully accountable for their actions and include a “full and thorough investigation” into problems tied to the residential mortgage-backed securities (RMBS) market, and a guaranteed minimum amount of money set aside for reducing the mortgage principal of “underwater” homeowners in key states impacted by the foreclosure crisis.
Once again, the problem as I see it is that the same people leading the charge have also made it clear that they will support Democratic candidates no matter what. Now, you can argue whether we have any other realistic options, but telling the administration they will not actually risk losing support over sweeping criminal activities under the rug is not likely to make a difference.
As you may recall, back in October, the president announced that the bankers didn’t do anything illegal, they only used “loopholes” which have since been closed. It was a shameless statement, and I don’t remember hearing any of these too-respectful liberals call him out then (although certainly I might have missed it). But no one really rocked the boat, or I would have heard about it.