Richard Zombeck

There’s a huge buzz out there among homeowner activists who are feeling vindicated for the hard work they’ve done over the past couple of years and in many cases even longer. The recent news inundating the headlines of blatant fraud on the part of lenders and servicers has offered proof that their actions and fight have not been in vain.

What is most disturbing about the meeting with Treasury and the things that were said, or more accurately admitted, is that an argument could easily be made that this was an overt act by the administration to mislead and trick the American homeowner. That our government has been complicit in the bank’s ravaging of the bank accounts, retirement, and investments of nearly five million people.

I had better luck with Austen Goolsbee (Chief Economist), who after finishing a conversation about derivatives in the hallway with someone else, turned to me and like a scene from The West Wing said, “Walk with me.”

When I get to D.C. I want to show Senators John Kerry and Scott Brown why this country needs financial reform and why we need their vote on the The Restoring American Financial Stability Act. Your letters and stories will serve as irrefutable evidence that Congress needs to reform the way Wall Street has been doing business.

Since www.shamethebanks.org was launched on March 23 and announced on the Huff Post, the site has received thousands of visitors. Homeowners have been submitting stories, commenting on articles and stories, and downloading hundreds of mortgage related documents that are available on the site.

Why ShametheBanks.org? Because it’s been over a year since the Obama Administration and Treasury announced the Making Home Affordable plan, also known as HAMP. The plan was supposed to potentially help nearly six million struggling homeowners by lowering monthly mortgage payments and in some cases reducing principal.