issuepage-make-banks-pay

Issues

Make Banks Pay

MAKE BANKS PAY -- REAL RELIEF FOR HOMEOWNERS, STUDENTS AND TAXPAYERS NOW!

If we’re going to revive, reform and rebuild our economy, we’ve got to hold big banks and financial institutions liable for the past and present harm they caused to homeowners, students, and taxpayers.

From foreclosure fraud to pension fraud to unsustainable student loan burdens, regular people need strong and serious government action to set things right.

And we’ve got to actually make banks pay; it can’t be harsh austerity for us and continued prosperity for them.

Federal and state officials should force big banks to take a haircut on their portfolios of mortgages and student loans, reducing the principal amount owed for homeowners and college grads to more accurately reflect the actual current value of loan portfolios.

Federal and state officials should require big banks to provide a new, broad foreclosure moratorium and affordable refinancing for all home mortgages.

New York State officials should amend the Martin Act to facilitate prosecution of banks and financial institutions for fraudulent activities that led to the loss of billions in public pension funds.

Federal and state officials should develop a new, stronger set of financial regulatory reforms, including a new wall between investment banks and basic depository institutions, to protect taxpayers against more big bailouts that privatize bank profits while socializing bank losses.

And federal, state and city officials should reform tax laws to eliminate special treatment of hedge funds and private equity firms, eliminating the “carried interest” loophole and taxing wealth like work.