Transcript: Nevada AG Catherine Masto’s statement on the joint mortgage investigation alliance
Transcript of press conference held on Dec. 6, 2011:
Nevada Attorney General Catherine Cortez Masto:
“Thank you for being here today. I want to sincerely thank [Attorney] General Harris, my colleague, who has done an incredible job thus far in addressing the mortgage crisis we’re seeing in our states.
“As you know, Nevada is one of the hardest hit states like California. We’ve been in this fight since 2007. So I am thrilled to be before you today to talk about this alliance with California.
“The alliance is designed to hold fraud perpetrators accountable and ensure law-abiding homeowners receive justice.
“Our mortgage investigation alliance is a truth-seeking effort.
“Nevada and California have sustained tremendous hit economically because of the foreclosure crisis. We have the unfortunate distinction of ranking first and second respectively in October of 2011 for the percentage of housing in the foreclosure process.
“According to RealtyTrac, Nevada has 1 in 180 housing units with a foreclosure filing. Foreclosure filings were reported on 25,900 Nevada properties during the third quarter of this year, which is among the nation’s 10th highest.
“This crisis is causing great havoc in the local economy and Nevada. Families are being forced out of their homes. Vacant homes are being vandalized. Neighborhoods are descending into blight. In many cases, vacant houses are being rented to unsuspecting individuals by scammers who have no claim to the property in question.
“As the mortgage crisis unfolds, many people who never thought they would lose their homes find that they can’t maintain their mortgages now and they’re facing the possibility of giving their property back to the bank. The homeowner desperately in this situation looks for a lifeline, and unfortunately oftentimes becomes the potential victim of a mortgage scam.
“Today, you heard from General Harris about our agreement to work together, to accelerate our respective investigations into misconduct in the mortgage industry.
“We have both launched significant investigations. I am committed to a full, fair investigation of wrongdoing, to hold individuals accountable, and ultimately secure relief for the homeowner that is proportional to the extent of the harm caused by the wrongdoing.
“From origination to servicing and foreclosure practices to securitization of loans in the secondary market, we will hold perpetrators accountable.
“My office is actively addressing the issue of mortgage fraud through investigation, prosecution, and community outreach efforts.
“Last month, my office announced the indictments of two individuals, who led a massive robo-signing scheme which resulted in the filings of tens of thousands of fraudulent documents in Nevada. These two individuals are residents of California. They actually operated their fraudulent scheme from California impacting Nevada homeowners in helping to create the crisis that we are in.
“Nevada is also suing Bank of America and its subsidiaries, including Countrywide, for violations of its consent judgment for mortgage servicing or mortgage origination irregularities.
“This past October, my office arrested just recently a man who was running a property rental scam in Las Vegas. He would access vacant homes and, without the knowledge of the homeowners, he would falsely claim he was authorized to rent the homes and rent them to unsuspecting renters.
“These are just a few of the noteworthy cases we have seen in Nevada. The size and scope of these scams and the complexity of the criminal enterprises mandates a large investment of investigative and prosecutorial effort.
“So today, it is my pleasure to kick off this California and Nevada mortgage investigation alliance. The most critical step in building a case is to get all the facts and find out the truth. Our goal is to accelerate our investigations, to jointly investigate harm that bad actors have done in both of our states, and then hold them accountable.
“Through the alliance, we’re combining forces, resources, and resolve to ensure a fair outcome for our state and our homeowners as quickly as possible. We will continue to fight for justice for our homeowners. So it is a pleasure for me to be here and look forward to the continued alliance that I have with my colleague here in California.”
- WhatTheFolly.com: California & Nevada join forces to fight mortgage fraud
- WhatTheFolly.com: Transcript of California AG Kamala Harris’ statement on the joint mortgage investigation alliance
- WhatTheFolly.com: Transcript of the press conference Q&A on the California and Nevada joint mortgage investigation alliance
- California Attorney General’s Office: Press release: Attorneys General of California and Nevada announce mortgage investigation alliance
- California Attorney General’s Office: Video #1 of the press conference on Dec. 6, 2011
- California Attorney General’s Office: Video #2 of the press conference on Dec. 6, 2011
- Nevada Attorney General’s Office: Catherine Cortez Masto’s biography
- California Attorney General’s Office: Press release: Attorney General Kamala D. Harris announces arrests in nationwide $6 million loan modification scam