The rule of law must be applied equally to all people. Yet, the most massive organized crime spree in history has not only gone unpunished, but has actually been rewarded with trillions of dollars of bailouts and interest free loans to the criminals responsible. In order to re-establish trust in our political and economic systems, justice must be served.
Throughout the housing bubble era and its disastrous unwind, Wall Street committed fraud upon fraud against the American public and indeed the whole world. From the fraudulent origination of subprime mortgages; to the establisment of the Mortgage Electronic Registry System (MERS) to bypass the land registry system; to the illegitimate pooling and servicing agreements in the securitization process; to the false credit ratings then given to the consequent Mortgage Backed Securities and their derivatives; and finally to the illegal forclosures attained by robosigning false notes and affidavits; the whole process was and is criminal.
We, the people of Rhode Island, ask you, Attorney General Kilmartin, to not let these crimes go unpunished. Join other states like New York, Massachusetts, and Nevada in prosecuting Wall Street for mortgage fraud, and don’t sign on to any mortgage settlement that absolves the criminals of their responsibility.