FOR IMMEDIATE RELEASE: Tennessee Citizen Action Applauds Attorney General Robert Cooper
Nashville, Tenn. (February 10, 2012) — Tennessee Citizen Action, a group that works in the public interest to protect consumer rights, applauds Tennessee Attorney General Bob Cooper’s decision to include Tennessee as one of the 49 states that have agreed to the mortgage settlement.
The group also appreciates the outreach and assistance Mr. Cooper’s office has developed for those who have been unable to refinance, those who face foreclosure, and those who have already lost their homes due to the unregulated and predatory business practices of Bank of America, J.P. Morgan Chase, Citi, GMAC/Ally Financial, and Wells Fargo.
“While it could be more severe to punish more painfully the large corporate behemoths for their predatory business practices, the settlement is a step in the right direction to absolute accountability,” said Mary Mancini, executive director of Tennessee Citizen Action, “Future abuses should be curbed by settlements such as this one, but the success of the settlement program will depend on effective implementation and we call on Attorney General Cooper and his staff to closely monitor lenders and report any who violate the deal.”
Tennessee Citizen Action is also encouraged by the recognition that unregulated corporate business practices, greed, and a lack of accountability and oversight led to the mortgage crisis, causing thousands of hardworking Tennesseans to lose their homes and negatively affecting the stability of our families and communities. They urge Mr. Cooper and his staff to continue their work to ensure that Tennesseans are protected from predatory business practices and also urge the state legislature to refocus its priorities from accommodating corporate special interests to doing what’s best for the hardworking people of the state.