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Updated: 3:00 PM Feb 10, 2012
AG: BofA Lawsuit Gave Nevada Settlement Leverage
Nevada's attorney general says the state got a bigger slice of a nationwide foreclosure settlement pie because it had a federal lawsuit pending against one of the major lenders involved in the deal.
Posted: 3:00 PM Feb 10, 2012Reporter: AP Email Address: news@kolotv.com |
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2 Comments 
LAS VEGAS (AP) - Nevada's attorney general says the state got a
bigger slice of a nationwide foreclosure settlement pie because it
had a federal lawsuit pending against one of the major lenders
involved in the deal.
Attorney General Catherine Cortez Masto said Friday she
negotiated until late Wednesday to win $750 million worth of
Nevada-specific mortgage relief and cash payments from Bank of
America Corp.
Masto says she wanted immediate relief for homeowners, and
thinks she got it.
The bank agreed to reduce principals and facilitate short sales
in Nevada, suspend some foreclosures and pay $90 million that Masto says will fund state consumer protection and mortgage fraud
enforcement.
The bank didn't admit wrongdoing in the settlement announced
Thursday.
The lawsuit alleging deceptive trade practices was first filed
in 2010 in state court.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Latest Comments
Nevada AG caved cause the state needs the money, the people pay again, another incident that shows whose running the show....banksters
Smoke and mirros! of the 26 million the banks are only pay $5 million each! Where does everyone else think the balacne is coming from??? The Federal Gov't! and where do they get their money???? THE TAX PAYER! In addition READ who under what criteria wil and will not be helped by this smoke and mirrors BS! No Fannie, No Freddie, No FHA loans!!!!! and they make up the majority! Before you think your paryers have been answered READ IT and UNDERSTAND IT!
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