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Tuesday, December 6, 2011

California, Nevada AG’s join forces on foreclosure

Two months after quitting nationwide settlement talks with big banks, California Attorney General Kamala Harris announced an “investigation alliance” with Nevada Attorney General Catherine Cortez Masto. The states, both hard hit by foreclosures, will share evidence and litigation strategies.
Harris walked out of settlement talks led by Iowa Attorney General Tom Miller and the Obama administration on Sept. 30.  At that time, the attorneys general were said to be negotiating a settlement in the $10 billion to $25 billion range with the five biggest mortgage lenders.
States that have either left the talks or criticized their direction in addition to California and Nevada include New YorkMassachusetts andDelaware. By pulling out, the states increase their potential leverage on the banks.
Harris said California and Nevada have been hit harder by foreclosure than any other state. She cited estimates by RealtyTrac that in October one of every 243 California homes and one of every 180 Nevada homes received a foreclosure filing.

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