Bills contains important provisions for Nevada inserted by Reid
May 20, 2009
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Nevada Senator Harry Reid today attended a ceremony at the White House where President Obama signed into law the Helping Families Save Their Homes Act as well as the Fraud Enforcement and Recovery Act. Reid led the Senate to passage of both bills with the protection of Nevadans in mind.
The Helping Families Save Their Homes Act includes several provisions to promote homeownership and fight foreclosure while preventing the rampant mortgage fraud that has contributed to the current economic crisis. It authorizes updates and improves the Department of Housing and Urban Development (HUD) program to encourage loan modifications. It also provides resources to HUD to combat mortgage scams, including additional staff and advertising to warn consumers about scams and inform them of legitimate foreclosure-relief services. The measure also includes new protections for tenants of foreclosed homes.
The Fraud Enforcement and Recovery Act provides critical funding and new tools to let law enforcement prosecute and punish those responsible for the mortgage and corporate frauds that have hurt countless hardworking Americans and led to the worst financial crisis in decades. It also closes several legal loopholes that otherwise may allow individuals guilty of criminal conduct to evade prosecution. Individuals who have engaged in corruption or deliberate criminal behavior should not be able to escape punishment on a technicality.
To learn more about the new housing and fraud bills, click here.