Unless you’re new here, you’ve probably figured out I’m an advocate of the Move Your Money movement.

My reasons for are multiple, but here are a few:

1. TBTF banks knowingly and willingly violating the most basic of property rights law and legal documentation practices. [Greenspan admits financial crisis caused rampant fraud and criminal actions.]
2. TBTF banks foreclosing on homeowners who don’t even have a mortgage. [Banks foreclosing without a mortgage or promissory note.]
3. TBTF banks were the causative agent in creating “crap” derivatives that served no legitimate purpose other than revenue generation without regard for ethics or long term investor value. [Real Life Project Mayhem via Too Big To Fail Banks.]

… the list goes on a while.

But now we have a chance to do something about it other than blog, bitch and moan about it.

Via Yves Smith’s Naked Capitalism blog, I ran across what can only be described as a letter to the Attorney Generals of each of the 50 States that could actually put some bite in the cacophony of ineffectual barks.

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Tomorrow, a group of homeowners is meeting with Iowa’s attorney general Tom Miller, who is leading the 50-state effort which is investigating foreclosure and mortgage lending abuses.

This group is presenting a letter to Miller asking them to prosecute bank executives for mortgage fraud and wants to show broad-based support for this idea via having concerned citizens sign it.

Here is the text of their letter:

Dear Attorneys General,

We, the undersigned thank you for investigating fraudulent and illegal foreclosure practices by the nation’s biggest banks.

Your investigation is the best hope for homeowners and communities since this crisis began. Americans are watching. Our expectations are high that we will see justice for the millions of families who have lost their homes, the millions more who are at risk of foreclosure, and the neighborhoods across the country devastated by falling housing values and vacant properties as a result of widespread mortgage fraud.

The bank executives who committed fraud should be prosecuted. Any settlement needs to go beyond fixing paperwork, fully addressing ongoing abuse and ending the flood of unnecessary foreclosures.

We demand that any overarching settlement agreement contain mandatory loan modification programs, including principal reduction for owner-occupant families facing foreclosure and remedies for those families who have already lost their homes.

Now is the time for bold leadership from the nation’s Attorney Generals to hold big banks accountable for the damage they have done to families, communities and the nation’s economy.

I have signed this letter and strongly encourage you to do so. Please visit the site, www.crimeshouldntpay.com to support this effort. Thanks!

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Obviously, I signed the CrimeShouldntPay.com letter considering my views. (Note: I’m not a huge proponent of mortgage write downs, but I’ll compromise for progress.)

But, being that present day politics requires mass quantities of public outrage to overrule powerful lobbyist interests, the appearance of and the ability to sign such a letter of support presents a unique opportunity that will likely come around only once.

Let’s capitalize on it, and support the Judicial branch’s built in “checks and balances” fail-safe to compensate for the demosclerotic impotence inefficiencies of the Legislative and Executive branches.