Occupy Nashville Protests Loan Abuse Settlement
MURFREESBORO, Tenn (WMOT) -- Occupy Nashville is calling for fresh protests in downtown Nashville today. The group is using social media to encourage supporters to picket at a meeting of the Tennessee Banker’s Association being held at the Renaissance Hotel.
Occupy protesters are upset over a $25 billion dollar settlement announced yesterday between the federal government, 49 states, and five of the nation’s top mortgage lenders for loan abuses in recent years. Tennessee will reportedly receive $146 million dollars as part of the deal.
The money is intended to aid homeowners with underwater mortgages, and will even provide small cash settlements for some who lost homes to foreclosure.
Occupy spokesman Michael Custer says it’s too little too late.
"Any laws that were broken by banks and bankers should be prosecuted to the fullest extent of the law. There's plenty of evidence to suggest that their have been many criminal violations of the law by the banks and the bankers."
Tennessee Attorney General Bob Cooper had a different take on the deal when he announced the settlement yesterday.
"Tennessee homeowners need help now, and an orderly resolution of these claims is in everybody's interest. The benefits of settling today, far outweigh any benefits that might, or might not, be obtained after several years in court."
About 11 million U.S. households are currently "underwater," meaning they owe more than their homes are worth. The settlement will help only about 1 million of those homeowners.