New York’s Attorney General Eric Schneiderman has tirelessly gone after the big banks for the reckless financial decisions that sent the country spiraling into a recession and cost tens of thousands of New Yorkers to lose their homes. First a settlement with the mortgage banks came through for $136 million dollars.
Then, a few months ago, JPMorgan Chase agreed to a $13 billion settlement. $613 million of that goes to New York State, and it’s supposed to be used for direct relief to homeowners.
But not if Gov. Cuomo has his way. Instead of helping homeowners, the Governor wants to use that money to pay for a major cut to corporate taxes, including something called The Bank Tax, essentially stealing the settlement money from struggling homeowners and giving it back to Wall Street criminals.
The foreclosure crisis is still devastating our communities and the families and communities hardest hit are exactly the ones from which Gov. Cuomo proposes stealing.
This crises, which has affected almost every neighborhood, has not, however, been spread around evenly. Communities of color lost the most when Chase and other Wall Street bankers pushed us into the Great Recession – the median black household lost almost 84% of its household wealth in the recession. Latinos lost 66%, while white households lost some 34%.
Now Gov. Cuomo wants to keep it that way.
We have an opportunity to show Cuomo how his constituents feel about diverting much needed money into the hands of Wall Street bankers.