October 10, 2007

Reno, NV – Today U.S. Senator Harry Reid of Nevada met with state, federal, and agency leaders to help discuss ways they can work together to help Nevadans with foreclosure problems.

“For one week of spending on the Iraq war, roughly $2.3 billion, the federal government could provide housing counseling agencies the resources they need to help 1.7 million families, or about the number ARM resets we expect in the next 14 months,” said Reid. “Less than one day’s spending in Iraq could help save 130,000 families from losing their homes.  I will continue working with state, federal, and agency partnerships to identify ways to help Nevadans.”

At the federal level Reid will increase funding for foreclosure prevention.  Currently there is funding in Transportation, Housing and Urban Development and Related Agencies Appropriations bill.  Reid called the meeting together to work with individuals at the state and agency level including Gail Burks, President & CEO of Nevada Fair Housing Center, Assemblywoman Sheila Leslie, and Wells Fargo Nevada regional president Kirk V. Clausen, to develop a solution to the foreclosure problem.   

“We are thankful to Senator Reid for his leadership at the federal level on this important issue and his wisdom in recognizing that a 280% increase in foreclosures is indeed a problem for all Nevadans,” Burks.  “This is a multi-layered issue that requires a very strategic multi-layered solution.  No one agency - government, private or non-profit - can solve it alone”.

 “This problem has reached a crisis level in our state, with Nevada having the highest rate of foreclosures in the nation,” said Leslie. “This impacts not only the families about to lose their homes, but also our economy as a whole. It is critical that we take real and immediate steps to help people currently in jeopardy of losing their homes as well as to prevent foreclosures in the future."

 “We applaud the national efforts to move the industry toward a future in which all lenders are guided by fair and responsible lending principles,” said Clausen.  “A future in which people fully understand the products they are selecting and they can knowingly gauge their ability to repay their loans regardless of the economic cycle.”