Abigail Field | NV AG Masto Defends Nevadans Against a Rushed and Bad Servicer Settlement

NV AG Masto Defends Nevadans Against a Rushed and Bad Servicer Settlement

States’ Attorneys General across the nation are under tremendous pressure to sign off on a “deal” resolving the foreclosure fraud, servicing fraud, at least some origination fraud and perhaps more, committed by the biggest banks(wearing their mortgage servicing hats.) They’ve been told to sign on or reject the deal by this coming Friday, February 3. The States’ Attorneys General are being pushed by not only the banks, but by the federal government. And yet the AGs aren’t being given a settlement agreement to review. They’re not even being given a meaningful term sheet to review.

How do I know the states are being pushed to deal without being given the kind of information needed to know if the deal makes any sense for their states? Well, because Nevada’s fabulous AG, Catherine Cortez Masto, sent a detailed letter on Friday, January 27 asking for information that as of a week before the deadline she-and therefore many other states–did not have. I say “many” states didn’t have as opposed to “all” states simply because Nevada’s not on the executive committee and so might not have the most complete information. But if the executive committee knows and isn’t telling, that’s a huge problem. And if the executive committee doesn’t know, how could it be pushing the deal?

Let’s take a good, hard look at the NV AG’s letter. Let’s start with what she wants: answers to 38 questions, “in writing with citation(s) to the specific place or places in the settlement language where it applies.” Masto’s saying look, DOJ, look HUD, look lead negotiators, I’m not taking your word for anything. Put it in writing and SHOW me why I can believe you.

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