Nevada Senator’s request for support for” underwater” homeowners included in Senate version of budget

March 25, 2009

Washington, D.C. – The housing reserve fund that Nevada Senator Harry Reid requested to help underwater and other struggling homeowners is included in the Senate version of the upcoming budget announced today.

Reid last week wrote to Senator Kent Conrad, the Chairman of the Budget Committee, to ask for the creation of a housing reserve fund in the budget to facilitate legislation that would address a number of issues related to mortgage and foreclosure in Nevada. Reid believes Nevada homeowners need more leverage in their efforts to seek loan modifications with lenders and loan servicers. This provision could be used to provide assistance to Nevada homeowners struggling with their mortgages and to incentivize mortgage providers to make these mortgages more affordable.

“We need to support programs that help people doing all the right things to keep their homes and maintain their good credit standing,” Reid said. “Through no fault of their own, many Nevada homeowners owe much more on their homes than they are currently worth. Government efforts to date have not done enough to help many of these homeowners.  This simply isn’t fair, and we must work every day to assist these Nevadans and bring some equity to our overall economic relief efforts.”