AG SWANSON JOINS OPPOSITION TO NEW BANK BAILOUT

Service Employees Laud AG Lori Swanson’s Call for Bank Accountability

Saint Paul, MN – The Service Employees International Union (SEIU) applauds Minnesota Attorney General Lori Swanson for speaking out in opposition to a new legal bailout for the nation’s largest banks seeking protection from accountability in their role in our country’s financial and housing crises.

SEIU Local 26 President Javier Morillo said, “We bailed the banks out of the financial mess of their own making, and now they want us to bail them out of any legal liability for those same actions that brought our economy into recession and led to millions of Americans losing their homes.  Thank goodness there are strong advocates like Attorney General Swanson, making sure that those responsible are held to account for what they’ve done to the people of Minnesota and the United States.”

SEIU Local 284 Executive Director Carol Nieters added, “The banks have been bailed out enough.  It’s time for banks to do their part for our communities, both by helping individuals to stay in their homes, and by helping our schools to carry the burden of the state GOP legislative borrowing through the offer of loans free of interest and fees.”

On September 9, Minnesota Attorney General Lori Swanson joined her counterparts from New York, Massachusetts, Delaware, and Nevada in opposing broad waivers of liability for mortgage securitization in any settlement with the nation’s largest mortgage servicers over foreclosures.  In a letter to Iowa Attorney General Tom Miller, who is leading negotiations with the banks on behalf of the states, Swanson stated her opposition to any release for legal liability for activities still under investigation related to the securitization of mortgages and encouraged support for “…all legitimate efforts to investigate the banks and to hold them accountable for their unlawful activity, which has been enormously destructive to this country and our citizens.”

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Public Letter to State and Federal Negotiators urging strong settlement protecting homeowners - http://www.scribd.com/doc/63092300/AG-Letter-8-24-11

Bloomberg News - Foreclosure Deal Shouldn’t Waive All Claims, Official Says

Washington Post - Don’t end banks’ liability over foreclosures, Minn. official urges

Huffington Post - Minnesota Attorney General Backs New York’s Eric Schneiderman In National Foreclosure Settlement Talks

For more information, please contact SEIU MN State Council Executive Director Brian Elliott at belliott@seiu.mn or 612-703-4987.

SEIU is the workers who provide care and support for your family in hospitals, nursing homes, schools, child care, and the Twin Cities’ largest public and private buildings. The SEIU Minnesota State Council coordinates the electoral, legislative and outreach work of the SEIU Locals in Minnesota to increase the effectiveness of their collective bargaining and new member organizing campaigns. By building the political involvement of approximately 30,000 SEIU members throughout the state, the State Council is working to improve the lives of all Minnesotans. The State Council’s board is comprised of elected leaders, members, and staff of the four SEIU Local Unions in Minnesota.

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