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A new Nevada law has gummed up the works of banks seeking to process foreclosures in the state, causing Bank of America and other major players to all but halt new foreclosure starts.
November 21 -
In the first criminal case involving robo-signing of mortgage documents, Nevada's attorney general filed charges Wednesday against two people accused of filing tens of thousands of false documents.
November 16
The Attorneys General of California and Nevada are combining their investigative forces to combat misconduct and fraud within the mortgage industry against state homeowners.
As part of this alliance, the civil and criminal enforcement offices in the two states will link up, creating more adequate investigations for several wrongdoings in the states' foreclosure and mortgage fraud crises. Services the two offices offer that will join forces when pursuing independent prosecutions against fraudsters include litigation strategies and investigative information and evidence.
"This strong partnership will allow our states to make an even more concerted effort to hold fraud perpetrators accountable and ensure law-abiding homeowners receive justice," says Nevada Attorney General Catherine Cortez Masto.
In October, Nevada and California were the top two states whose home units entered the default foreclosure process. One in every 180 Nevada properties entered the foreclosure process in October, while one in every 243 California homes received a filing that month.
Both Nevada and California are non-judicial states, meaning a bank can foreclose on a borrower's home without court oversight. This practice has led to a higher propensity of mortgage fraud predators to arise, causing the states to make mortgage-related law enforcement a top priority.
"The mortgage crisis is a man-made disaster that has taken a heavy toll on the country, but it saved its worst for California and Nevada," says California Attorney General Kamala Harris. "The mortgage crisis is a law-enforcement matter, and we will prosecute to hold accountable those who are responsible and also protect the homeowners who are targeted for fraud."
In May 2011, Harris developed a mortgage fraud strike force made up of approximately 40 attorneys and investigators. This strike force recently instigated legal actions against a fraudulent multi-million dollar "mass joinder" lawsuit and also arrested three officers in a foreclosure rescue scheme that supposedly stole thousands of dollars in upfront loan modification fees from distressed homeowners without lowering their mortgage payments.
Meanwhile, the Nevada mortgage fraud strike force recently indicted two individuals who allegedly
