I am encouraged by the announcement that New York Attorney General Eric Schneiderman will co-chair a special unit focusing on the mortgage shenanigans that triggered the economic recession from which we are still trying to recover. There is no doubt that without pressure from supporters of Progressives United, teaming up with MoveOn, Color of Change, and so many other organizations, that the administration would have caved on the weak deal the banks were hoping for. However, this initiative will only work if it also finally brings an end to potential deals that include significant immunity provisions for the Wall Street banks. It makes no sense to establish a new special mortgage fraud unit if the Administration is only going to shield the wrongdoers who helped crash our economy, throwing millions of people out of work. This new unit needs to fully investigate what happened and finally hold accountable those who helped cause the financial crisis.
This is a positive step, and one that would not have happened without progressives teaming up and pushing for justice, but we must remain vigilant, continuing to work together to ensure this unit follows through on what they were created to do.