Calif., Nev. Attorneys General To Launch Joint Mortgage Fraud Probes

LOS ANGELES (AP) — The attorneys general in California and Nevada are partnering in investigations into the mortgage meltdown that crippled both states.

California Attorney General Kamala Harris and her Nevada counterpart Catherine Cortez Masto said Tuesday they will combine resources and share information about mortgage fraud probes each have launched in recent months.

Both states were decimated during the economic downturn when housing prices fell and led to a wave of foreclosures.

Nevada has the nation’s highest foreclosure rate while California ranks second.

Harris recently subpoenaed mortgage giants Fannie Mae and Freddie Mac looking into their lending practices.

Masto has indicted two Southern California title officers of running a so-called “robo-signing” scheme to sign and file thousands of fraudulent foreclosure documents in Las Vegas between 2005 and 2008.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. David Beaubien says:

    Why have these SAG permitted banks within their Sate to continue to foreclose on homeowners. They have evidence of bank violations of federal & state law. They only make announcements of additional investigations, but do nothing to stop bank’s unlawful foreclosure actions from continuing. Who is protecting homeowners from unlawful action by the banks?

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

KNX 1070 Newsradio
Play.It

Listen Live