News

Breaking Down Nevada’s Part Of Foreclosure Settlement

Nevada's attorney general is calling a $1.5 billion Silver State share of a $25 billion nationwide foreclosure settlement "adequate and immediate consumer relief"
View Comments
(Photo by Ethan Miller/Getty Images)

(Photo by Ethan Miller/Getty Images)

Nate Tannenbaum Nathan Tannenbaum
Email Nathan at nathan.tannenbaum@cbsradio.com
Read More

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

LAS VEGAS (AP) – Nevada’s attorney general is calling a $1.5 billion Silver State share of a $25 billion nationwide foreclosure settlement “adequate and immediate consumer relief” for the state hardest hit by the recession.

Attorney General Catherine Cortez Masto says that in the end, Nevada got a better deal than what was offered earlier this week.

Before signing on to the national settlement, Masto says Nevada won from Bank of America a commitment to suspend foreclosure sales of any borrower eligible for federal homeownership retention help, and to set aside $750 million in principal reduction and short sales.

The state is also getting $30 million for consumer protection programs.

The agreement gives BofA, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial three years to reduce nearly 1 million loans nationwide.

Copyright 2012 The Associated Press.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,079 other followers