JPMorgan Chase is preparing to pay a record $13 billion settlement with the federal government for questionable mortgage lending practices which helped burst the housing bubble and led to the financial crisis of late 2008. Congressional candidate Leslie Endean-Singh pledges to not accept money from the banking industry and to be an ally for Main Street when she is elected to Congress.
“I support Senator Elizabeth Warren’s policies for putting big bank CEOs that helped cause our financial system to fail in jail. Unfortunately our current representative is not serving the best interests of Southern New Mexico families, said Congressional candidate Leslie Endean-Singh. “The banks are handing PAC checks to Steve Pearce with their left hand, while their feet are busy giving families the boot from their home.”
If elected to Congress, Endean-Singh would propose three key fixes to protect families from the reckless and dangerous policies pursued by Wall Street:
- Double the budget of SIGTARP (Special Inspector General for Troubled Asset Relief Program). Since its creation in late 2008, SIGTARP has investigated the banks that stole or abused TARP funds. They have saved the taxpayers an estimated $4.3 billion and boast a 75% conviction rate of greedy bankers.
- Urge the United States Attorney General to bring criminal charges against the CEOs and other executives of the major banks that made irresponsible decisions that played a key role in the burst of the housing bubble.
- Create a dedicated fund of fines and penalties leveled against the banks to provide more investigative services and bring forward more criminal investigations against those most responsible for creating the housing bubble.
“When I am elected to Congress, I will gladly stand with Senator Elizabeth Warren and help lead the fight to protect Main Street,” said Endean-Singh.