Letters: Prosecute banks over mortgage mess

Regarding "Election 2012 and letting the banks off easy" [Opinion, Nov. 15], toxic mortgage instruments, as people in the game refer to them, were simply subprime loans given to people who could not pay them back. This was common knowledge and encouraged.

The ratings agencies gave these instruments Triple AAA ratings, investors bought in because of these bogus ratings, and the stock market lost value. New York's public employee retirement pension fund is about $8 billion below its pre-recession value.

The money to keep these bankers out of jail was quickly printed up by the U.S. Federal Reserve, billed to us, the taxpayers, and showered on the banks. To add insult to injury, defaulting homeowners were blamed, when they were practically spoon-fed subprime mortgages they could in no way afford.

As we attack the unions and the working class for the collapse of the world economy, please remember, fraud is illegal. If you want the economy to thrive, prosecute the bankers like Iceland did.

One of the only politicians fighting for the people and against the proposed sweetheart banking settlement is New York Attorney General Eric Schneiderman.

Joe Grifo, Holbrook
 

Finally, the Occupy Wall Street protesters are focusing on an important and timely issue: President Barack Obama's proposal to grant major banks broad legal immunity in foreclosure investigations in exchange for a settlement of $28 billion.

One hopes New York's attorney general will continue to oppose this settlement. We've had 7.5 million homes in foreclosure or delinquent on their mortgage since 2007, and yet no bank heads have been prosecuted.

Virginia Salow, Bellerose