Tammy Baldwin introducing resolution against weak foreclosure fraud settlement

Tammy Baldwin, a Wisconsin Senate candidate and current member of the House of Representatives, is going to introduce a resolution on foreclosure fraud and the ongoing negotiations between the nation’s five largest banks, fifty forty-four state Attorneys General, and the Obama administration. Amanda Terkel of Huffington Post reports:

Baldwin’s resolution states that any settlement should follow three guidelines: 1) Banks that engaged in fraudulent behavior “should not be granted criminal or civil immunity for potential wrongdoing related to illegal mortgage and foreclosure practices,” 2) the federal government and state AGs should “proceed with full investigations into claims of fraudulent behavior by mortgage servicers” and 3) any monetary sum paid by the banks should “appropriately compensate for, and accurately reflect, the extent of harm to all victims.”

“We have to do the best we can to make innocent victims whole. But secondly, especially in light of the taxpayer bailout of the biggest banks, we owe taxpayers a solemn effort to do everything we can do to uncover what went wrong and whether laws were broken,” Baldwin said in an interview with The Huffington Post. “Part of that is to make certain this won’t happen again. That, to me, is one of the most basic responsibilities we have.”

David Dayen at FireDogLake has a copy of Baldwin’s proposed legislation. It’s simple and powerful, while including a stinging indictment of the big banks who have systematically been stealing peoples’ homes.

I don’t know that this resolution has much hope of passing the Republican-controlled House of Representatives, but it’s a strong statement that the anger we see around the country in the Occupy movement has made its way into the Capitol building. Good for Tammy Baldwin, a new member of the Justice Democrats.

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