LAS VEGAS (AP) — Nevada isn’t joining a multi-state settlement over foreclosure abuses that would require the nation’s five largest mortgage lenders to reduce loans for borrowers in other states.
State Attorney General Catherine Cortez Masto says the state leading the nation in foreclosures, unemployment and bankruptcies should get a better deal. Masto issued a statement Monday saying her staff is still reviewing what she calls “intricate draft settlement terms.”
A deadline was Monday to join the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. It would require reduced loans for about 1 million households where borrowers are behind on payments and owe more than homes are worth. The lenders would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.