Campaign for a Fair Settlement

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CFS is working with a number of different organizations to produce relevant research and develop understandable materials for homeowners, journalists, and media commentators. Check back on original polls, research and reports on the urgent need for bank accountability and homeowner restitution.

September 18, 2012

FOR THE CAPTORS NOT THE RESCUERS: Romney, Wall Street $$ & the Housing Crisis. 

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This report commissioned by the Leadership Center for the Common Good Action Fund, lays out detailed facts, showing just who Mitt Romney thinks “the good guys” are in the financial industry, and how he seems intent on taking the country back to an era of low standards and false profits. Sample of top supporters: 

  • Shady dealers like John Paulson, whose Abacus scheme with Goldman Sachs stands out as among the very worst scams in derivatives based on the sub-prime mortgage market
  • Lobbyists like T. Martin Fiorentino, who represented the crooked foreclosure mill Lender Processing Services, parent company of DocX
  • Snake oil salesmen like hedge fund manager John Devaney, who inflated the bubble with promises of huge returns based on investments he knew were junk

CLICK HERE FOR DOWNLOADABLE REPORT: 

 

July 12, 2012: 

BEATING THE RAP: How Current Federal Investigation into Mortgage-Backed Securities Compares to other High Profile Federal Investigations.

Despite triggering a massive recession that sent the U.S. and world economy into a tailspin, no executives at the major U.S. banks and lending institutions have been prosecuted for fraudulent practices.  The investigation into wrongdoing that led to and exacerbated the financial crisis has been weak and limited, even compared to past financial scandals and investigations conducted under Republican presidents.

  • After the S&L crisis more than 1,000 bank and thrift executives were convicted of felonies and after the Enron scandal over 20 of Enron’s top leadership were convicted of or plead guilty to criminal charges, including the founder and the CEO. 
  • In the aftermath of the mortgage crisis no executive of a major Wall Street bank or financial institution has been convicted of criminal charges and federal prosecutions for financial fraud have dropped by half since the 1980s S&L investigations.
  • Criminal prosecution for financial crimes has dropped. In 1995 bank regulators referred 1,837 cases to the Justice Department for criminal prosecution, while from 2007-2011 there was an average of only 72 per year.

 

To learn more about Public Policy Polling, click here.

June 28, 2012- Campaign for a Fair Settlement Commissions New Report from Roosevelt Institute: Finds that Mortgage Debt Holds Back Recovery

 
As part of our continuing efforts to spark debate about how to help America's 16 million underwater homeowners, the Campaign for a Fair Settlement co-commissioned a report from economist and Roosevelt Institute Fellow Mike Konczal, which looks at the recent research and arguments around principal reduction. In this report, "How Mortgage Debt is Holding Back the Recovery," Konczal lays out critical data and solutions for homeowners. 
 

FIND THE REPORT HERE.

 

For more information about the Roosevelt Institute, click here.

 

May, 2012: CFS Commissions poll showing majorities of independent likely voters disapprove of Pres. Obama handling of housing crisis

In a poll released today by the Campaign for a Fair Settlement, majorities of independent likely voters in three swing states (Nevada, Arizona and North Carolina) and near--‐majorities in two others (Pennsylvania and Florida) say they disapprove of President Barack Obama’s handling of the housing crisis, and majorities in each state say the Administration is not doing enough to police Wall Street banks in the housing market. Strong majorities of independent likely voters in each state polled—Nevada, Florida, Arizona, North Carolina and Pennsylvania—also say that the economic crisis was caused in part by criminal actions by Wall Street executives. The five states, which were among the hardest hit by the housing crisis, are key battleground states in the November 2012 presidential election. In each state, a significant number of homeowners are underwater—meaning they owe more on their mortgage than their home is worth. Six out of 10 homeowners are underwater in Nevada, as are nearly half in Arizona.

 

Key findings:

  • The percentage of independent likely voters who disapprove of Obama’s handling of the housing and mortgage crisis ranged from 48% in Pennsylvania to 70% in Nevada, while those approving ranged from 21% in both Nevada and Arizona to 34% in North Carolina.
  • The percentage of independent likely voters who say Obama has not done enough to hold banks accountable for their role in the housing collapse ranged from 60% of respondents in both North Carolina and Florida to 73% in Nevada.
  • The percentage of independent likely voters who say that the economic crisis resulted at least in part from criminal actions by Wall Street executives ranged from 64% of independent voters polled in North Carolina to 76% in Pennsylvania.

See the polls in full here:

Arizona

Florida

North Carolina

Nevada

Pennsylvania


 


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The Campaign for a Fair Settlement is a multi-sectoral coalition. Center for Popular Democracy and Action for the Common Good staff provide strategic and logistical support to the effort.