Tuesday, December 06, 2011

Mortgage Settlement Update: California and Nevada join forces

by Calculated Risk on 12/06/2011 09:47:00 PM

From Alejandro Lazo at the LA Times: California and Nevada join forces in mortgage probe

An alliance by California and Nevada to jointly investigate misconduct and fraud in the mortgage business further divides efforts by the nation's attorneys general to bring the home-lending industry to account for improper foreclosure practices.
...
The agreement to work together, announced in Los Angeles on Tuesday by California Atty. Gen. Kamala D. Harris and Nevada Atty Gen. Catherine Cortez Masto, comes a week after Massachusetts said it was suing the nation's five largest mortgage servicers over alleged foreclosure illegalities. The moves escalate pressure on the nation's biggest financial institutions already in high-level negotiations with a coalition of state attorneys general over their alleged abuses.
It is appearing less and less likely that there will be a settlement any time soon ...