The terms of the agreement appear to overlap heavily with those of the national deal. But unlike the national settlement, which is enforceable in D.C. federal court, the side deal apparently allows Masto to bring Bank of America into Nevada state court. The state has previously taken an aggressive stance on mortgage documentation issues, filing the first criminal charges over alleged robo-signing of affidavits.
According to an announcement posted on the attorney general's website, the side deal includes "new servicing standards that stop many past foreclosure abuses including improper documentation and lost paperwork" and numerous other elements of the national accord. But "[t]hese new standards will be enforced by court order and overseen by an independent monitor," the release states.
Neither Bank of America nor a spokeswoman for the state AG immediately responded to a request for comment.
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