Reid and Housing Secretary Discuss Foreclosures in Southern Nevada

Nevada Senator Harry Reid joined Housing and Urban Development Secretary Shaun Donovan to tour a Las Vegas neighborhood Wednesday. Las Vegas leads the nation in foreclosures and approximately 67 percent of the city's current mortgage holders have mortgages that are higher than the worth of their homes. Secretary Donovan announced plans to deploy HUD Foreclosure Rapid Response Teams to assess the areas hardest hit by foreclosure -- starting in Las Vegas. This is, "good news for Nevadans fighting to stay in their homes," said Reid.

During his visit to Nevada, Secretary Donovan also also introduced an expansion of the Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgages.

Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.

Senator Reid, Secretary Donovan, and Congresswoman Dina Titus toured a neighborhood that has experienced several foreclosures in recent years, negatively impacting the property values of surrounding homes. The neighborhood has been targeted for Clark Countys Neighborhood Stabilization Program, which will use funds to purchase and rehab foreclosed homes, provide downpayment and closing cost assistance to those purchasing foreclosed homes, and provide housing counseling to potential buyers.

For more information about the programs introduced by Secretary Donovan in Southern Nevada, click here:
http://reid.senate.gov/newsroom/pr_070109_home_refinancing.cfm

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