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.

Money Market Investments To Be Insured by Fed

Is your retirement savings in Money Market Mutual Funds? Does your investment company participate in the U.S. Treasury's program? Perhaps it is time to contact them and find out.

Some retirement plans are NOT insured by the FDIC. But the U.S. Treasury announced Friday it would insure up to $50 billion in money-market mutual fund investments at financial companies that pay a fee to participate in the program. The initiative, which lasts for a year, will guarantee that the funds' value does not fall below the standard $1 a share.

Money Market Funds (not to be confused with Money Market Bank Accounts) are a form of Mutual Fund Investment and are typically a safe retirement investment popular with American consumers and companies alike, but scared consumers have cashed out these investments and these redemptions has severely strained fund families and global financial markets.

To get more information about Money Market Mutual Funds and the bail out read Friday's article from the CNN Website:

http://money.cnn.com/2008/09/19/markets/money_markets/index.htm?eref=ib_topstories

Moving?

Then get Your Move Packet From USA.gov! This trio of FREE brochures can help protect your possessions when you move. Know how to pick a reputable mover, find the right level of insurance, and use the handy checklist!

AND DON'T FORGET to check out the out the Department of Transportation's Protect Your Move website where you can view complaints against companies, get moving tips, and find state and local resources that will assist you with your move.

Convert Your Landscaping -- Get Money!!!

The City of Henderson announced a pilot program to help City homeowners to convert grass yards to more water efficient landscaping. As a part of the SNWA Water Smart Landscapes Rebate Program, every square foot of turf that Henderson residents convert to water efficient landscaping, is now eligble for a $1.50 per square foot rebate, and a low interest loan is available to pay for the costs of a conversion.

For more information about the program and contacts visit the City of Henderson Press Release entitled City of Henderson Offers Turf Removal Loan Pilot Program

City of Henderson National Night Out

What: National Night Out
When: Tuesday, 8/5/2008 6:00 PM to 9:00 PM
Where: Henderson Events Plaza

More info: National Night Out is an annual event held by police departments across the country. The City of Henderson’s Police Department and Community Relations Unit will be hosting this informative educational and fun community event. Learn about crime and even more important about prevention of crime and the importance of getting to know your neighbors. 2008 will mark The City of Henderson’s 15th year of participation in National Night Out.

There will be: Crime Prevention Information -- Henderson Fire Department Exhibits Henderson Police Units Demonstrations -- Live Entertainment by Sin City Surfers -- Kids Fun-Make & Take projects by Home Depot & Mad Science -- Free Vin Etching

Refreshments: Hot Dogs, Chips & Soda provided by the Eldorado Casino Additional refreshments provided by Dunkin Donuts and Unilivera -- Free Ice Cream!!!

Bring the entire family no one is too young or too old to learn, and still have fun. Admission is FREE! Henderson Events Plaza 200 South Water Street in the Water Street District 702.267.5100 for more information