Nevada AG, Catherine Cortez Masto, Joins States Balking at Bank Releases in Foreclosure Practices Deal


Nevada Joins States Balking at Bank Releases in Foreclosure Practices Deal

A possible settlement of a 50-state probe of foreclosure practices drew more state scrutiny as Nevada’s attorney general joined three other states in voicing concern about a deal that protects banks from continuing mortgage investigations.

Nevada Attorney General Catherine Cortez Masto, whose office sued Bank of America Corp. (BAC) and is conducting civil and criminal foreclosure probes, said she will be “very cautious” about agreeing to a settlement that hinders those inquiries.

“If it’s impacting my ongoing litigation and any other future litigation or current investigation, I’m going to be cautious about whether to sign on or not,” Masto said yesterday in a phone interview.

State and federal officials are negotiating a settlement with the five largest mortgage servicers, including Charlotte, North Carolina-based Bank of America and New York-based JPMorgan Chase & Co. (JPM), over their servicing and foreclosure practices.

A person familiar with the matter said last month that banks want liability releases that cover other areas of their mortgage operations besides servicing, including the bundling of loans into securities.

Dan Frahm, a spokesman for Bank of America, said the bank shares Masto’s goal of helping homeowners.

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22 Responses to “Nevada AG, Catherine Cortez Masto, Joins States Balking at Bank Releases in Foreclosure Practices Deal”
  1. Jim Bethea says:

    Once the promissory note and the mortgage notes have been separated the mortgage note becomes tainted, unstable and as the US Sup Ct has ruled “null and void”…………

  2. Wayne says:

    If they cut a deal with the banks … I might just go off the Deep End.

  3. macy says:

    Question- How can a “lender” , “foreclosure attorney” or “servicer” offer a modification if the note was converted into a stock certificate?

    • Wayne says:

      they can’t …. it was all a Fraud and deceit

      • lvent says:

        When they lost track of ownership of the loan at the ORIGINATION FRAUD they nullified their own contracts ..Also when the loans were pooled they had an expiration date because of tax purposes and the servicers cannot go much beyond that expiration date according to the PSA..that is why they are unsustainable debts because these loan mods would have to be set up to balloon at some point and the loans would then detonate because we would never be able to afford that balloon payment. Collecting the credit default swap insurance by being granted a fraudclosure is where the money is at for all of them. They are not out to help anyone but themselves of course….Their greed will end up costing them money in the end when they can’t fraudclose anymore because they got caught and then they will have to pay back all of their ill gotten gains to all of us, hopefully with interest, and then go directly to prison…

  4. Fury says:

    las vegas has been hit very hard by foreclosure crimes.
    i’m glad that masto is standing up against the bank

  5. lvent says:

    Why are the AG’s not contacting the U.S States Attorney, the FBI, and the DOJ?? Oh yeah, there is a FORECLOSURE-GATE blocking actual criminal investigations into the biggest crime in history against the American people and the cover-up for this Hitler Plan began on 9/11………….

    • Wayne says:

      Ivent … I have been saying that for two year ……… They all know and They all knew two years ago. Obama knows, the Feds know and this is how they are treating us. Even Bush knew.

      • lvent says:

        That’s right Wayne but the truth is coming out and I have a feeling this whole giant scandal is going to blow up really soon…They have Obama hog tied but the truth about every lousy low down dirty thing they did, they can’t hog tie that any longer….

      • lvent says:

        I just saw a commercial on History International tomorrow nite they are having a show about Fort Knoxx. Can’t wait to watch the steaming bowl of crap they are going to serve us up..I want to see a show where they actually open up Fort Knoxx and show us what is in there…Rumour has the New World Hoarders stole the world’s gold and are holding it hostage in Swiss banks…I would like to wager a bet it is somewhere in the catacombs of the vatican or in the vatican bank vault…..being guarded by the sovereign militia of malta……or maybe seal team 6.

  6. Jim Bethea says:

    Funny what Leapfrog said about BJs ~ Reminds me of when I was doing a lot of business in NYC in the mid 90s ~ My limo driver picked me up one Friday at JFK and was talking about the he had had Bush senior as a customer the past week and that he had just returned from carrying the CEO of Citibank’s girlfriend to his house in CT for the weekend ~~ So they would probably just continue using their high dollars mistrisess and make Bondi bring something else to the table ~

    • lvent says:

      Max Keiser says it’s like Sodom and Gomorah down there on Wall Street….In the Rolling Stones song Shattered Mick Jagger says go ahead, , .bite the big apple, don’t mind the maggots.

      • lvent says:

        Foreclosuregate is one giant con job from 9/11 to the manufactured financial crisis… the ruling elite, the New World Hoarder…and the U.S. Government is allowing this 20 trillion dollar New World Hoarder land grab to be done to the American people…There are a very many traitors and treasonists in our midst…….

  7. Ron Moss says:

    Securitization is a word they would like to forgetEric Schneiderman is bound to reteach them what it means and what it has cost them to deal with it

  8. Ron Moss says:

    TO fight back elect Ron Paul He has been consistant wanting to audit the Fed abolish the Fed and return to the constitutional method of money. Why should we have any mational debt? Congress shall have power to coin money and regulate the value thereof.

  9. talktotennessee says:

    I would hope that everyone who reads this would consider writing or emailing support and encouragement for AG Mastro and also notice other AGs who are resisting or on the fence re: signing off on a blind blanket liability release for these banks. With little knowledge of the extent of the fraud it is premature and foolhardy to relinquish future right of legal recovery from banks only to discover after the fact the damage or fault was massive and without remedy. We are now beginning to suspect their fraud is major but the banks defense is that the homeowner defaulted, regardless of the predatory nature of the loans, deception or failure to modify or correct their errors. To do so would be to allow banks collateral recovery without responsibility for their forgery, fraud and misdeeds. Without penalty, the banks would recover the property collateral, pennies on the dollar from investors, only to profit on future liquidation of REO properties without regard for homeowners or the damage to the economic balance of local municipalities.

    If given a shield from legal responsiiblity, count on the banks moving swiftly through the foreclosure process of millions of properties, dumping them on the market at liquidation prices. It is beginning even now. As an appraiser and Realtor I see high end houses selling for 50-60% of construction cost. If you own a home in which your investment to construct was $850K and your neighbor’s house is similar to yours, but forecloses and the banks offers it for sale as a liquidation REO for $450K, do you think you could sell your house for what you paid to build? NO! Immediately your home is devalued and you did nothing to deserve the loss in value! THINK ABOUT IT!

    If you think this does not impact you, think again. What the banks so desperately want is a free ride to profit from their own criminal actions. Do we want to allow that? It will impact value on all housing as they dispose of the REOs to investors, often unsuspecting and/or foreign investors who are not familiar with property laws in the U.S. We may be at the beginning of a massive failure of the housing industry’s ability to recover. If this occurs, the fallout will extend far beyond the current crisis. The impact could be major for municipalities and individuals. The banks are in survival mode with little concern except to cover their fraud. Do we want to bail them out again?
    When you have only a handful of AGs with their fingers in the dike, consider throwing them a little help and a few sandbags in support!

  10. leapfrog says:

    “We’re working with state attorney generals, our federal partners and the banks on resolving the liability issue,” he said.

    Yeah, working with your corrupt federal partners pandering and catering to the banksters every needs, including under the table fellating said banksters.

  11. Jim Bethea says:

    I was a bit suspecious of this program from the start ~ The Iluminati loves it when they only has to control one or two elements of any situation ~ Like the Republican and Democratic parties only, where they can put money on both sides and still have control no matter which party wins ~ Putting all of the various state AGs complaints under one umbrella is great for the crooks because they can do what they are trying to do now ~ ONE SETTLEMENT – CANCEL ALL CRIMINAL & CIVIL CHARGES FROM THEIR PAST AND BACK TO BUSINESS AS USUAL ~ “WEAR-DOWN THE OPPOSITION”

    Each state has its own constitution and each state should have free reins to enforce their own laws w/o being forced to sellout to the Elitist via alleged federal interferance ~ Whrn it comes to the bankster’s past courtroom activities [when found guilty] they want to select whether they should be accused of which ever is the lesser of the two, the state or the federal enforcement. For credit cards they want to use SD or DE rules because these states allow the maximum rates of interest and the lesser of fines or charges for credit card fraud. However, when they have been charged with an issue of fraud that could not be controverted in these two states, then they wanted to cry THIS IS A FEDERAL MATTER!!!!

    These big banks have always had the offices of the OCC and the Fed Res backing them because they are mutually owned by the same european cartel. Putting every past and future crimes of these big banks under one heading and just giving them a slap on the wrist it terribly wrong ~ They should be lliable for each and very fraudulent situation ~ they should be forced to pay each and every county Registry Department for all of their document transfers and registrations that they have been using MERS to avoid and play their we know where the original documents are — MERS has them when MERS is nothing more than a scam organization created and owned by the 29 top banks as a cover-up and scapgoat for their fraudulent foreclosure tricks..

    Leave the states in control of the issues of banking fraud and allow them to call for the maximum penalties for banking fraud for these criminals ~ free from Washington’s good ole buddy systems of cover-ups

  12. DT says:

    WWPBD ? (what would pam bondi do)

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