Meet Catherine Cortez Masto, the Nevada AG Breaking Out the Handcuffs on Foreclosure FraudNovember 18, 2011
Masto is one tough public servant, and I’m pleased to say I’ve had her on the show several times to talk about the foreclosure crisis. This clip is from roughly month ago, when she discusses her investigation of the robosigning scandal.
And this is from back in February, where she discusses her lawsuit against Bank of America.
Masto recently indicted two people for engaged in a scheme to defraud Nevada homeowners through the fabrication of tens of thousands of documents in the foreclosure process. These people worked at a company called Lender Processing Services, which handles roughly 80% of the foreclosures nationwide. LPS is a contractor for the banks – if a mortgage goes into default, LPS often takes over the mortgage and begins foreclosure proceedings. So her indictments are really aimed at the whole securitization chain. How far does the robo-signing scandal go? Did the banks know it was going on? Who in the banks knew it was going on, if anyone?
That’s what Masto is trying to find out, using every tool in her arsenal. If only all other law enforcement officials were as diligent and committed.