Dear Elizabeth Warren,
There are laws against false
advertising, making false promises, and predatory lending. The Banks
intentionally broke these laws, causing the Great Recession.
We, the homeowners of America claim
the tortious actions of the Banks have created Unjust Enrichment,
evident in the fact that their wealth and size has increased 40% since
the Great Recession they caused. The basic purpose of restitution is to achieve fairness and prevent the unjust enrichment of a party.
In tort law, restitution applies
to the measure of damages required to restore the plaintiff to the
position he or she held prior to the commission of the tort.
We, the homeowners wronged by the actions of the Banks, now demand the restitution we deserve.
We demand that you set up a National Website for us to list the amount of money, and property, each American lost from the intentional criminal acts of the Banks.
We demand that you make the
Banks accountable and return us to the status we were, before being
victimized. This is the law. This is fair.
A few descriptions of the fraud:
· Predatory lending refers to the practice
of unscrupulous lenders, to enter into "unsafe" or "unsound" secured
loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide, advertising low
interest rates for home refinancing. Such loans were written into
mind-numbingly detailed contracts and then swapped for more expensive
loan products on the day of closing. Whereas the advertisement stated that 1% or 1.5% interest would be charged, the consumer would be put into an adjustable rate mortgage (ARM) in which the interest charged would be greater than the amount of interest paid. This created negative amortization, which the credit consumer did not notice until long after the loan transaction had been consummated.· Countrywide, sued by California Attorney General Jerry Brown for "Unfair Business Practices" and "False Advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments." When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared.
· Former employees from Ameriquest, which was United States’ leading wholesale lender, described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits.]There is growing evidence that such mortgage fraud was a large cause of the crisis
We can now prove, that the mortgage inflation and subsequent collapse was planned. Millions of Americans were sold predatory loans, solicited into predatory lines of credit, because the Banks persuaded them that it was a sound investment.
The Banks coerced Americans into believing their homes were more valuable than they were, and they knew this to be false.
Essentially, the Banks only cared about
getting the loan, securitizing it, and selling it to another Bank. It
was a dangerous game of musical chairs, which crashed the world economy
yet you have held no one accountable. What is worse, is there has been NO REAL RESTITUTION to the victims, - the homeowners!
The Mortgage Settlement Act has proven
to be a joke. How can a check for $400 be considered restitution to
someone that lost his, or her home, of twenty years?
The actions of the Banks; over inflating home values, selling predatory loans, forging documents, and acting with gross disregard to the consumer, are criminal acts, which amounted to the biggest fraud ever perpetrated on civilians in the history of the world.
Enough is enough. We demand restitution now!
Petition by
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Please go to Change.org and sign this petition. Damage to American homeowners and people worldwide continues.
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