Dear MoveOn member,
Last Wednesday, President Obama stood up to Wall Street by appointing Richard Cordray as director of the Consumer Financial Protection Bureau. For months, Republicans have been blocking the appointment, and Obama's action will finally allow the agency to get to work.
Now, President Obama has a choice to make: whether or not to order a full federal investigation into bank practices during the housing crisis.
Progressive attorneys general have temporarily blocked a sweetheart deal that would have given broad immunity to the banks.1 Now, the president can decide whether or not to move forward with a full federal investigation that would hold the banks accountable.
The president has the power to order this investigation today and start the year off right. It's up to us to make sure he hears loud and clear that progressives are counting on him to continue taking bold and immediate actions to help the 99%.
Can you sign the petition calling on the president to order a full federal investigation today? Click below to add your name:
Who was hurt by the greed of Wall Street's 1%? Fellow MoveOn members like Eleanor J., who was sold a high-interest subprime loan even though she qualified for a safer one. Now she is struggling to make payments after her home lost over a third of its value.
There are plenty of examples of Wall Street banks pushing bad loans on unsuspecting homeowners and lying about the value and risk of mortgage-backed securities.2 But without an investigation, we can't hold them truly accountable for the $7 trillion they cost the global economy, and homeowners can't get fair compensation.3
The president has the power to order a full investigation. Can you help send him a strong message today?
Thanks for all you do.
–Elena, Stephen, Milan, Lenore, and the rest of the team
1. "California breaks from 50-state probe into mortgage lenders," The Los Angeles Times, September 30, 2011
2. "Massachusetts AG Lawsuit: Five Major U.S. Banks Accused of Deceptive Foreclosure Practices," The Huffington Post, January 6, 2012
3. "U.S. Subprime Crisis Costs World $7.7 Trillion Dollars," The Huffington Post, February 15, 2008
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