ColorOfChange.org changing the color of democracy

Last week, the Obama administration announced a settlement with the nation's five biggest banks over charges of mortgage fraud. This settlement between the banks and 49 states (Oklahoma has not signed on) amounts to an estimated $27 billion. The sum would be paid out in the form of principal reduction and restitution checks to homeowners and people who have lost their homes to foreclosure.

Yes, this is the largest payout by the banks since the start of the financial crisis. But we know that this amount can only begin the process of rectifying the damage the banks have done.

Lately, bad news for the banking industry has meant good news for the public — especially for the millions of people who continue to suffer through the housing crisis. So today was a good day.

This morning, New York Attorney General Eric Schneiderman filed a massive lawsuit against Bank of America, J.P. Morgan Chase, and Wells Fargo regarding their fraudulent use of robosigning and the electronic mortgage registry known as “MERS.” While the suit is specific to New York, it could spark other states to take similar action.

Yesterday, ColorOfChange Executive Director Rashad Robinson was interviewed by Cenk Uygur of The Young Turks. Cenk posed the question, "Should progressives give up on bipartisanship?" The question was prompted by two recent pieces on the topic, one in The New Yorker and another that ran yesterday in Politico.

Rashad drove home the point that Americans (and Black folks in particular) can't wait for political harmony to come to Washington. As he put it on the show, "We need to demand big and bold solutions to these problems" right now. 

Watch the clip here, and please let us know what you think in the comments section.

Late last week, Attorney General Eric Holder announced a working group comprised of state and federal officials who will investigate Wall Street banks' role in the housing crisis. The development comes in response to the ongoing work of ColorOfChange and our partners.

Here's an excerpt from the DOJ's announcement:

UPDATE: (01/25/12) CoC Applauds Obama's Decision to Investigate Wall St Banks, Continues to Push for Accountability

Today President Obama received a letter from ColorOfChange and our partners urging the administration to hold Wall Street accountable. The letter states that an investigation is essential to hold the big banks accountable or their role in the housing crisis and to prevent future reckless behavior from the banking and mortgage industries.

We’ll be listening for any remarks regarding this and other ColorOfChange campaigns tonight as President Obama gives the State of the Union address. Follow us on twitter @ColorofChange and please share your reactions using #BSOTU as we work to address critical issues that impact all of us.

ColorOfChange just launched a new site to help force real accountability for the big banks responsible for the economic crisis. Today, President Obama received more than 360,000 signatures from people all over the country who want his administration to stand with homeowners and investigate the banks responsible for the mortgage crisis. The stakes couldn't be higher for Black America, which has watched its wealth plummet to the lowest its been in 25 years. Our communities have suffered disproportionately from predatory lending practices. If you signed our petition, that's great! Now it's time to engage in some direct action.

Today we launched a campaign calling on President Obama and Attorney General Holder to stand up to big banks and push for a full investigation of those responsible for the foreclosure crisis that devastated Black wealth. Check out the email we sent to our more than 800,000 members today and join the campaign here.

As the second month of Occupy Wall Street got off the ground, artist Jasiri X and director Paradise Gray set powerful images to a hip hop beat—bringing a familiar tone to a movement some people of color are tuning out. It's easy to look at images of predominately White protestors taking to the streets and reports of missteps and wonder whether Occupy Wall Street is really welcoming or relevant to Black people.

Challenging our financial system may be a new rally call for some of OWS participants, but Black folks can point to generations of intimate experiences with economic injustice and a deep knowledge of movement building. Can the movement channel this knowledge?