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Mortgage Fraud Update

FOR IMMEDIATE RELEASE
DATE: March 11, 2009
CONTACT: Edie Cartwright
(775) 684 1189

ATTORNEY GENERAL ANNOUNCES FORMER
LAS VEGAS RADIO TALK SHOW HOST ARRESTED
IN MORTGAGE RESCUE FRAUD SCHEME

Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto announced today that Jack Ferm, a former talk show host in Las Vegas, Nevada, has been arrested on two counts of felony theft and related charges in connection with the operation of U.S. Justice Foundation, a mortgage rescue scam.

“Mr. Ferm’s conduct warrants prosecution to the fullest extent of the law,” said Attorney General Masto. “These schemes will not be tolerated in our state.”

Ferm is the President and owner of U.S. Justice Foundation, a document preparation business which misled customers into believing his service would stop ongoing foreclosures on their homes without the need to retain an attorney. His company web site indicates he has a participated in successful litigation against numerous large corporations.

The Attorney General’s office has received numerous complaints about misrepresentations made by Ferm, including several clients who paid thousands of dollars to the U.S. Justice Foundation with no legal documents having been prepared or filed on their behalf. In many cases, Ferm required the victims to pay a monthly charge in addition to the original retainer for the duration of the litigation.

During a hearing in Federal Court last week, Ferm stated that the U.S. Justice Foundation has closed its doors and will not be accepting new clients.

Ferm was moderator of the show “Straight Talk” broadcast on the radio station KKVV 1060 from 1994 through 2003.

Anyone who has information regarding this case should contact the Attorney General’s Office at 486-3777 in Las Vegas or 684-1180 in Carson City.

The Steps to Mortgage Remodification

I can count how many people have asked me about how to remodify existing crappy mortgages and negotiate with the banks for loans with better rates, but then I only have two hands to count on. Here's what I tell them.

The steps to loan re-modification:

1. Contact a non-profit HUD approved Housing Counseling agency by phone. These services are free, regardless of income. There should never be a charge for Govt. approved housing counseling. And there should never be a charge for loan remodification negotiations. You can do this process yourself without a 3rd party agency by following these steps. For a complete list of non-profits specializing in housing counseling visit the following link

2. Explain your mortgage situation over the phone to the scheduler at the counseling service. The agency will mail you paperwork that you must complete and mail back in order to make an appointment.

3. Once the paperwork is received, the agency will review the completed documents and contact you by telephone to schedule your appointment (generally one week later)

4. On the day of the appointment, bring all bank statements, mortgage papers, etc., and whatever else you are instructed to bring. (keep in mind that appointments are running about 30 days out.)

5. On the day of the appointment the Housing Counselor will look over your financials, explain your options for obtaining a better loan, and attempt to contact and speak with someone at your mortgage company. They will also ask the mortgage company which programs are available for refinancing and remodification, and will explain these to you.

6. Usually, the mortgage company will have you submit via fax some bank statements, paycheck stubs and a hardship letter, which basically explains what life experiences you are facing that will prevent you from continuing to make payments on your current mortgage.

7. Contact the mortgage company to make sure that they received the necessary paperwork to begin reviewing your application for a loan remodification.

8. When dealing with the mortgage company it is important to document everything that you are told in writing (email/letter) and over the phone. Include the time and date of the call, the name of the person you spoke with, what they said, and the issue that you called about. Keep this list somewhere handy by the telephone, along with your loan documents.

9. Keep in mind that it takes about 60 days for the mortgage company to review your paperwork and look over your re-modification application. They may try contacting you to question you about your financials, so be sure to give them every available contact number so that they can get in touch with you.

10. Beware of letters or phone calls by other companies offering remodification. These letters may appear to be from your mortgage company, but in fact are from other organizations seeking to remodify your existing mortgage for huge fees. These letters can be hard to discern. When reviewing any communication, it is important to call your mortgage company at the number given on your bill, or that you normally use, before responding to any communication or giving personal information on the phone. Remember, the mortgage company already has your personal information, but the amount that you borrowed on your original loan is public information and sometimes used to fool you into giving out personal information.

11. If for some reason, your mortgage company does not return your calls/letters/emails you may contact the following agencies and file complaints: Nevada Mortgage Lending Division, Attorney General’s Bureau of Consumer Protection, Nevada Financial Institutions Division, Office of the Comptroller of Currency, United States Department of Treasury, and the Federal Trade Commission. It is always a good idea to mention RESPA (Real Estate Protection Act) in any contact that you have with the mortgage company. RESPA states that the mortgage company basically has several weeks to return your calls and resolve a particular issue. Be sure to include your log of attempts at contact with the mortgage company if they are giving you a hard time.

12. After about 90 days, your loan remodification will either be accepted or denied. If your remodification is accepted you will receive a packet (by FedEx or UPS). The packet will contain paperwork regarding the terms of your new loan. Read the paperwork carefully. If the remodification terms are acceptable, sign the paperwork and return the envelope with instructions given.

13. Continue to follow up with the mortgage company until you make your first payment under the terms of the new loan remodification. Follow up with every communication you receive from your mortgage company, including letters stating that your account may be overdue. Continue to document any communication regarding your mortgage to use in any future communications.

14. Attend local attorney Robert Massi's free lecture on Tuesday the 24th of February at 6 p.m. at the Paseo Verde Library where he will be speaking about this very topic. 280 S. Green Valley Parkway, Henderson. Call 870-2626 to register for this program.

Cha Ching! Government Bargains!

Looking for a bargain? Check out USA.gov’s Government Sales and Auctions website, where you can find items for sale from Federal government Surplus and seized property sales, state and local surplus property sales, and items for sale in agency auctions. Here are some the categories of used government goods that you can bid on or purchase cars, trucks, real estate, houses, buildings, land, computers, furniture, tools, household goods, jewelry and much more!

ATTORNEY GENERAL ANNOUNCES ARRESTS

FOR IMMEDIATE RELEASE
DATE: November 4, 2008

ATTORNEY GENERAL ANNOUNCES ARRESTS
IN MORTGAGE LOAN SCAM AGAINST SENIOR CITIZEN

Las Vegas, NV— Attorney General Catherine Cortez Masto, announced today the arrests of Roxanne Lynette McCoy and Shanease Renee Bauman, employees of Proserve Mortgage.

The arrests were made in connection with an alleged scheme involving the submission of forged loan application documents to a bank for a mortgage loan, after being informed by the victim, Jeri Cooper, age 69, that she could not afford the loan and did not want to complete the loan application process. A third suspect, Laticia Renee Carter, also a Proserve Mortgage employee, remains at large.

The State alleges the defendants forged the elderly victim’s signature on several loan application documents and fraudulently submitted the loan for funding to the lender in order to collect a commission on the loan. The victim had expressly told the defendants that she could not afford the monthly payments and did not wish to complete the loan application process after learning of the payment terms. The State alleges that, as a result, the elderly victim is being held responsible for payment of the loan and now faces possible foreclosure.

“Mortgage related crimes affect everyone in the community and we intend to prosecute these aggressively,” said Attorney General Masto. “In this particular case, the victim is a senior citizen. Protecting Nevada’s seniors is a priority for my administration.”

Defendants Carter, McCoy and Bauman are each charged with multiple felonies including: one (1) count of Forgery, one (1) count of Obtaining Signature by False Pretenses, one (1) count of Theft and one (1) count of Mortgage Lending Fraud. The initial appearance in Justice Court for Bauman and McCoy is set for December 3 at 7:45 am in Las Vegas Justice Court Department 10.

The case was filed by prosecutors assigned to the Attorney General’s Mortgage Fraud Task Force, which was created by Attorney General Masto in early 2008 to address mortgage fraud scams throughout Nevada. The task force combines the resources of several Attorney General Bureaus, including the Bureau of Criminal Justice and the Bureau of Consumer Protection. It works closely with other State agencies including the Mortgage Lending Division to investigate and prosecute mortgage fraud crimes in Nevada.

The charges against the named individuals are merely allegations. The Defendants are presumed innocent until or unless proven otherwise in a court of law.

Consumers who wish to report mortgage fraud are asked to contact the Attorney General’s Bureau of Consumer Protection in Las Vegas at (702) 486-3194 to obtain a complaint form. Consumers with internet access may also obtain a Consumer Complaint Form, as well as other consumer protection and contact information, on the Attorney General’s website at https://webmail.hdpl.org/owa/redir.aspx?C=a1aa0f3e6e184c33b19c73176561cf7e&URL=http%3a%2f%2fwww.ag.state.nv.us%2f.

ATTORNEY GENERAL SUPPORTS CRITICAL EFFORTS TO IMPROVE NEVADA HIGH SCHOOL GRADUATION RATE

Reno, NV- Nevada Attorney General Catherine Cortez Masto today recognized the critical efforts of the statewide Ready for Life movement to increase the number of youth graduating from Nevada high schools with a strong and successful connection to the job market by the age of 25.

“Young people are the key to our future. Our community leaders should be commended for working collaboratively to develop a statewide action plan to improve Nevada's graduation rate and help ensure our youth are ‘ready for life!’”

Masto underscored the urgency of the movement with the following facts:

· Currently, only 62 percent of Nevada’s youth graduate high school on time, the worst graduation statistics in the U.S.
· Only 10% of youth entering high school graduate with a four year degree. This is a major concern for all Nevadans, with significant personal, economic, social, and community implications.
· Research finds that high school dropouts earn less, pay fewer taxes, and are more likely to collect welfare and turn to a life of crime than those who graduate from high school.
· High school dropouts are 3 ½ times more likely than high school graduates to be arrested and more than 8 times as likely to be incarcerated.
· Throughout the country, 68% of state prison inmates have not received a high school diploma. Yet, according to research, a 10% increase in graduation rates has historically been shown to reduce murder and assault rates by approximately 20%.

More information about Nevada Public Education Foundation’s Ready for Life movement is available at https://webmail.hdpl.org/owa/redir.aspx?C=57736f48940840f28b60ff9f958e57d1&URL=http%3a%2f%2fwww.readyforlifenv.org%2f.

A Message From Congressman Porter to the Citizens of Nevada -- 3rd District Nevada

On Monday September 29, 2008 the House of Representatives voted on H.R. 3997, the Emergency Economic Stabilization Act of 2008. This legislation failed to pass the House by a vote of 205 to 228. I joined 204 of my colleagues in voting in favor of this important legislation intended to stem one of the greatest economic challenges our nation has ever faced. I understand that many of you are angry at Washington and Wall Street for this crisis. I also understand that many of you are fearful about your own economic security and are feeling the pain of this economic uncertainty. Please let me take this opportunity to explain how we got to this critical point and my reasons for supporting the Emergency Economic Stabilization Act of 2008. This crisis began with the bursting of the housing bubble and high default rates on subprime and adjustable rate mortgages, beginning in approximately 2005-2006. Once housing prices started to drop in 2006-2007, in many parts of the country, especially in Nevada, refinancing became difficult. Subsequently, defaults and foreclosure activity increased dramatically, during 2007 nearly 1.3 million American housing properties were subject to foreclosure, up over 75 percent from 2006. In Nevada, we are still experiencing the highest rate of foreclosures in the country. Clearly, Nevadans are hurting and need immediate relief. This housing crisis has in turn affected mortgage lenders that retained credit risk and other financial institutions. As of July 17, 2008, major banks and other financial institutions around the world have reported losses of over $435 billion. Corporate, individual and institutional investors holding mortgage backed securities and collateralized debt obligations have experienced significant losses as the value of the underlying mortgage assets declined. As various institutions default or lose the ability to function as independent economic actors, other sectors of the economy suffer, especially small businesses. As a matter of fact, I have a friend that just shared with me the pain her small business is facing. She went to her bank to make a deposit so she could pay her bills and the next day her bank closed its doors. She lost tens of thousands of dollars, more than half of her deposit in one day's time because of the bank failure. She is now struggling to make her payroll and pay her bills to keep her business thriving. Most recently, Bear Sterns, Lehman Brothers, Merrill Lynch, Washington Mutual, Fannie Mae, Freddie Mac, and AIG have become casualties of this economic crisis. In situations like this, it is my duty and responsibility as a Congressman to take action. That is why I was elected to Congress. I was elected to represent my constituents in times of crisis and uncertainty and to make difficult votes like this. When I took the oath of office, I promised to do what I thought was best, especially on days like yesterday to protect Nevada and my country and that is exactly what I did. Beyond that, I believe it is my responsibility to find out what went wrong, when and then to hold those individuals responsible with criminal, civil or legislative actions.The economic indicators show that we are on the verge of a national and international financial collapse. I believe the time for leadership is now which is why I supported this legislation. I am convinced that this was the right thing to do for Nevada and our country. I voted to protect taxpayers and to stabilize our economy.I have received hundreds of calls in opposition to the original bill, which I also opposed. The original bill was irresponsible and a blank check to Treasury. I also fought hard to eliminate provisions the Democrats were insisting on such as creating a slush fund for ACORN and provisions allowing bankruptcy judges to reduce mortgage principal under the guise of helping those at risk of foreclosure. Although the final version was not perfect, this legislation protects taxpayers, eliminates golden parachutes, puts those responsible on the hook, and includes my legislation calling for an investigative commission. While my legislation would have gone further in providing recommendations designed to guard against future collapses within our financial markets, I believe that this is a good step in preventing future challenges like we face today. My legislation called for a Special Commission to investigate the collapse and recovery of our financial markets and related agencies. It would be an independent commission to explore circumstances surrounding these failures including the extent of regulatory preparedness for an immediate response to the situation and provide recommendations designed to guard against future collapses within our financial markets. I think it is morally reprehensible what the mismanagement and greed on Wall Street has done to the American people and to our economy. I am angry with Congress for allowing such drastic and continual cuts in regulation. History will show that Congress cut, cut, cut for year’s protections put in place after the Great Depression which were there to protect American's from another depression. I am angry with the Administration that their checks and balances did not act or catch this before we were headed to such a crisis. I also believe some families made poor decisions and got themselves into mortgages and loans they could not afford. All of these circumstances created a perfect storm.So, what's next? We need to roll up our sleeves and work together. Congress must return to work as soon as possible and lay aside the personal and the political attacks and differences. We must rise up together and come to a solution. I firmly believe that we can. I believe we can bring our country together and as American's come together in this time of need. The politics of blame and personality have gotten us here over the years – you can look back and blame Nixon, Carter, Clinton and Bush. We must lay these politics aside and find a solution.Let's stand up as Americans and work together on the business of healing our nation. Again, I believe that the right vote was a yes vote and a no vote was the easy vote. We need true leadership in these trying times and that is why I voted yes on this bill.