Press

Action NC Reacts To Schneiderman Announcement

For Immediate Release
Monday, October 1, 2012

Contact:  Kevin Rogers
kevin@actionnc.org – 919.862.4009

Statement from Pat McCoy, Executive Director of Action NC :

"With today’s announcement, Attorney General Eric Schneiderman and the RMBS Task Force took an important step in holding Wall Street and JP Morgan Chase accountable for the worst financial crimes in our nation's history.  While we applaud this action, it must be the beginning, not the end.  Millions of Americans ripped off and defrauded by our country’s most powerful financial institutions still await justice, and justice will only be done by more RMBS Task Force lawsuits against the banks.

"Wall Street’s insatiable desire for securitized mortgages was the prime mover of the sub-prime debacle which forced millions of homeowners out of their homes and cost billions of dollars in lost wealth. For those defrauded by Bear Stearns and other financial institutions that crashed the economy in 2008, today's filing shows that it is not too late for justice. These institutions can still be held accountable. We hope that this case lays the groundwork for suing other big banks that left millions foreclosed upon, jobless, or saddled with underwater mortgages.

"The significance of this lawsuit also makes clear that the next President, be it President Obama or Governor Romney, needs to make principal reduction for homeowners and Wall Street accountability a top priority in their first 100 days. While It is profoundly disappointing that no criminal charges were filed in today’s suit against JP Morgan Chase bank, or any other bank so far, the opportunity remains to build on this important first step as the foundation for further legal action and the full accountability that Wall Street deserves, and justice demands.”

Action NC is a citizens action organization that empowers low to moderate-income communities to take action on issues of concern to working families. For more information, please visit us at www.actionnc.org.