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Proposal Details

Proposal ID656
Proposal2012 Platform amendment proposal: Banking - GA
PresenterPlatform Committee - Sponsored by GPGA
Floor ManagerBudd Dickinson
PhaseClosed - Adopted
Discussion05-02-2012 - 05-13-2012
Voting05-14-2012 - 05-20-2012
Presens QuorumTwo Thirds of Active Accredited States/Caucuses
Consens QuorumTwo Thirds of Yes and No Votes

Background

A set of corporate and governmental policies which have required the demolition and privatization of public housing, while discouraging the construction and maintenance of affordable rental housing over the last decade, combined with the deliberate targeting of millions of families of modest means for borderline and predatory home loans, and the large-scale securitization of these same loans were all major factors in the mortgage-related financial meltdown of 2008. Democrats and Republicans chose to bail out the speculators rather than their victims, and to shield the perpetrators of mortgage fraud and related financial crimes.
A second mortgage-related crime wave is occurring around fraudulent foreclosures, rushed through without proper legal clearances, authorizations and documentation, often on properties which foreclosing entities like Bank of America and Wells Fargo and similar institutions cannot even prove they own.

Proposal

That Platform 2010 of the Green Party of the United States, in Chapter IV, related to “Economic Justice and Sustainability”, in Section I., related to “Banking and Insurance Reform”, in the portion entitled “Banking reform”, is amended by adding two new numbered paragraphs at the end reading:

12. Prosecute criminal banking speculation
The Green Party of the United States stands for the reversing the U.S. government bailouts of speculators who engaged in mortgage fraud and related financial crimes. The Green Party calls for aggressive investigation and prosecution of the individuals and corporate entities that targeted families of modest means for predatory home loans, and the large-scale securitization of these loans. Penalties should include prison terms, revocation of corporate charters and confiscation of corporate and individual assets.
 
13. Impose a moratorium on foreclosures
An ongoing mortgage-related crime wave is occurring around fraudulent foreclosures, rushed through without proper legal clearances or documentation, often on properties which foreclosing entities cannot even prove they own. We demand a four-year moratorium on foreclosures intended to recoup losses from predatory lending. The proposed moratorium would apply to all homes used as a primary residence and valued under $350,000.

Resources

IMPLEMENTATION: Approval of this proposal will amend the 2012 Draft Platform, to be presented for approval at the 2012 Presidential Nominating Convention

CONTACT: Jan Martell, co-chair, 919-682-2472, ninth.st@frontier.com
Bruce Hinkforth, co-chair, 262-569-1370, bhinkforth@milwpc.com
Section editor: Maureen Shea, maurshea@hotmail.com

References

2010 Platform: http://www.gp.org/committees/platform/2010/index.php
Proposition 636: http://gp.org/cgi-bin/vote/propdetail?pid=636



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