Nevada AG Renews Mortgage Fraud Battle - 8 News NOW

Nevada AG Renews Mortgage Fraud Battle

Posted: Updated:
  • HousingMore>>

  • RealtyTrac: profits for Nevada home flippers getting slim

    RealtyTrac: profits for Nevada home flippers getting slim

    Friday, August 22 2014 4:22 PM EDT2014-08-22 20:22:20 GMT
    Outside of Washington, D.C., Nevada in the second quarter of 2014 led the nation in the percentage of residential sales classified as flipped homes but that percentage is slipping and so are the gross profits resulting from such flips, according to data released by RealtyTrac Thursday night.More>>
    Outside of Washington, D.C., Nevada in the second quarter of 2014 led the nation in the percentage of residential sales classified as flipped homes but that percentage is slipping and so are the gross profits resulting from such flips, according to data released by RealtyTrac Thursday night.More>>
  • Cash sales continue to dominate Las Vegas housing market

    Cash sales continue to dominate Las Vegas housing market

    Tuesday, August 19 2014 12:02 AM EDT2014-08-19 04:02:36 GMT
    Cash sales continued to dominate the housing market in Las Vegas in the second quarter of 2014, accounting for 50.7 percent of all residential sales, RealtyTrac reported Monday night.More>>
    Cash sales continued to dominate the housing market in Las Vegas in the second quarter of 2014, accounting for 50.7 percent of all residential sales, RealtyTrac reported Monday night.More>>
  • Nevada sees July spike in foreclosure starts

    Nevada sees July spike in foreclosure starts

    Thursday, August 14 2014 3:04 PM EDT2014-08-14 19:04:45 GMT
    Nevada led the nation in July with a 128 percent increase in residential foreclosure starts from the same month a year ago, RealtyTrac reported Wednesday night.More>>
    Nevada led the nation in July with a 128 percent increase in residential foreclosure starts from the same month a year ago, RealtyTrac reported Wednesday night.More>>

RENO, Nev. -- Nevada's attorney general wants a federal judge in a big mortgage fraud case to set aside an earlier consent judgment so the state can sue Countrywide Financial Corp. and Bank of America for consumer fraud.

Catherine Cortez Masto filed new papers in U.S. District Court in Reno on Tuesday accusing Countrywide of routinely misrepresenting the nature and terms of mortgages, ensnaring thousands of consumers in loans they did not understand and could not repay.

Read the Bank of America Complaint

The complaint says Bank of America has continued to misrepresent the mortgage modification program since it acquired Countrywide in 2008.

Masto says the deceptive practices resulted in an "explosion" of unauthorized and unnecessary foreclosures in the state. She says they have stripped homeowners of their assets, dislocated families and deeply disrupted the entire state's housing market.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.