May 6, 2009

Washington, D.C. -- Nevada Senator Harry Reid today made the following statement after the Senate passed the Helping Families Save Their Home Act of 2009.

“Today I led the Senate in passing the Helping Families Save Their Homes Act, legislation that includes several provisions to promote homeownership while preventing the rampant mortgage fraud that has contributed to this crisis.  By authorizing the Department of Housing and Urban Development to implement a program solely to encourage loan modifications, this important legislation will soon help families across the state keep their homes.

“This bill also strengthens the HOPE for Homeowners program to expand the number of Nevadans who can participate and create incentives for lenders to keep families in their homes.  It also allows local and state governments to use federal funds to rehabilitate foreclosed and abandoned properties for the sake of preventing foreclosures in the first place.

“This was one step farther down the path towards a stronger housing market and our nation’s economic recovery.  As the House and Senate work out the differences in this legislation and send it to the President for signature, you can rest assured that I will continue to work zealously for Nevada homeowners.”