Hard-Hit Nevada Agrees to Take Foreclosure Deal

By: Associated Press Email
By: Associated Press Email

LAS VEGAS (AP) - After balking, Nevada's state attorney general has signed the Silver State on to a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses.

Attorney General Catherine Cortez Masto declined immediate comment Thursday on her decision to join the settlement billed as
the biggest involving a single industry since the 1998 multistate tobacco deal.

A spokeswoman says Masto will make a statement later.

The agreement gives Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial three years to reduce loans for nearly 1 million households. About 750,000 homeowners who were
improperly foreclosed upon will get $2,000 checks.

Only Oklahoma didn't join. The 49 participating states agree not to pursue civil charges.

Homeowners can still sue lenders civilly, and federal and state authorities can pursue criminal charges.

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