Nevada’s Masto Won’t Decide Today on Foreclosure Accord

Nevada Attorney General Catherine Cortez Masto won’t decide by today whether to join a nationwide settlement with banks over foreclosure practices, a spokeswoman said. A deadline for joining the accord was today.

Masto’s office is “still reviewing the terms” of a proposed nationwide settlement over bank foreclosure practices, Jennifer Lopez, a spokeswoman for the attorney general said. Masto is “working to address Nevada homeowners’ needs,” Lopez said. Masto said in a Jan. 27 letter to state and federal officials involved in negotiating the accord that she needed answers to 38 questions to evaluate the deal.

While attorneys general in some states have already announced their intention to sign the deal, said to be worth as much as $25 billion, others including California Attorney General Kamala Harris have yet to publicly commit in part due to terms that protect the banks from future litigation. Without Harris, the deal’s value will drop by several billion dollars, according to a person familiar with the matter.

Today’s deadline, extended by the parties from Feb. 3, comes almost 16 months after all 50 states announced they were investigating bank foreclosure practices following disclosures that faulty documents were being used to seize homes.

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