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.