Catherine Cortez Masto: A Record of Taking on the Big Banks and Fighting for Working Families
In the thick of the housing crisis, Big Banks were preying on American families: charging illegal fees, forging documents and even foreclosing on homes they didn’t own — all to rake in big profits at the expense of consumers. And Nevada was ground zero for it all.
In 2008, Nevada Attorney General Catherine Cortez Masto refused to sit by and watch. Working with attorneys general around the country, Cortez Masto forced the worst offender, Bank of America, into a historic deal over its predatory lending practices — setting aside $8.4 billion in aid.
But almost immediately, Bank of America violated the agreement — raising rates they had promised to lower, misleading already troubled borrowers with ‘bait and switch’ tactics and lying to working families who were about to lose their homes.
“As attorney general, I uncovered what the Big Banks were doing to families in Nevada. Everyone else wanted to cut a deal — go easy on them — but I wouldn’t have it.
It was a fight. It was a battle. But I didn’t just negotiate: I threw the book at them.”
~ Catherine Cortez Masto
Catherine Cortez Masto fought back.
In 2010 and 2011, Catherine Cortez Masto sued Bank of America in multiple lawsuits for widespread fraud and false promises. The New York Times reported that Cortez Masto was determined to “rip up the deal” Bank of America had violated. The gloves were off.
“I felt I always was lying to borrowers.”
~ Former Bank of America employee
As a result of Cortez Masto’s lawsuits, Bank of America and other predatory lenders paid out $1.9 billion in mortgage relief to nearly 20,000 Nevada homeowners (an average of $97,000 per borrower). It was part of the largest single industry settlement in a decade and a half, and was immediately praised by lawmakers on both sides of the aisle.
“The Big Banks are a powerful special interest, and they’re used to calling the shots. The last place they’re going to want to see me is the U.S. Senate.
I’m going to fight tooth and nail to make sure we win here in Nevada. The Big Banks don’t need another ally in Congress. You do. I’ll be that ally.”
~ Catherine Cortez Masto
Catherine Cortez Masto’s campaign for Senate is one of the most competitive in the country:
Catherine Cortez Masto has always been on the side of working families, but her opponent, Tea Party Congressman Heck, is exactly whom the Big Banks and special interests want to win:
- Congressman Heck voted to roll back consumer protections that guard against financial predators established by Elizabeth Warren’s Consumer Financial Protection Bureau.
- He voted for the Ryan budget to cut taxes for folks are the very top and turn Medicare over to private insurance companies.
- And he didn’t just vote for tax breaks for Big Banks — he sponsored the bill!
The system’s already rigged enough — the Big Banks and special interests don’t need another ally in the Senate. You do. And Catherine will be that ally.
But in order to win, she needs grassroots supporters like you on her side now. Let’s take a stand against special interests and work together for a Senate that puts families first: