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Pa. Labor Groups Oppose Obama Foreclosure Plan

By Ali Carey, Contributing Writer

Conservatives aren’t the only ones opposed to the multi-state foreclosure settlement the Obama Administration and attorneys general nationwide are pushing. Wednesday, Pennsylvanians for a Fair Settlement, a major community Labor coalition, launched in opposition of the de facto foreclosure plan.

The Obama administration has pursued a more limited investigation aimed at a 5-state, $19 billion settlement with the five largest banks and biggest violators, who are accused of improperly handling thousands of home mortgages.

The Pa. group, which is part of a growing national movement, consists of nearly a dozen separate organizations, including Pennsylvania AFL-CIO, ACTION United, and Philadelphia Unemployment Project.

Wednesday at their kick-off event in Harrisburg, Pennsylvanians for a Fair Settlement called the Obama Administration to hold an investigation of the misconduct that led to collapse of the American housing market. The group also demanded increased accountability of the Wall Street bankers who’s actions contributed to the financial crisis.

The group urged Obama to undertake a full federal investigation of the mortgage crisis and to provide relief for homeowners in “an amount that reflects the scale of the damage that’s been done by major Wall Street institutions.”

Rep. Brendan Boyle (D-Phila) joined them.

“Economic experts from across the spectrum have definitively stated that unless the mortgage crisis is resolved and the housing market returns to stability, there will be no end to the economic crisis crippling our country,” said Boyle in a statement.

“Today, I stand with homeowners, community organizations and labor unions calling on the President to fight for a better deal.”

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