Washington, D.C. – Nevada Senator Harry Reid today stood with President Barack Obama as the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act were signed into law. Reid led the U.S. Senate to passage of both bills in which he included provisions to provide help for Nevadans struggling to stay in their homes.
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.
“President Obama understands how difficult the current economic situation is for Nevada families,” Reid said. “The two bills signed into law today take important steps to protect consumers by encouraging modification of loans for homeowners who are upside down in their mortgage and cracking down on mortgage fraud to prevent more bad loans that lead to foreclosures. These measures bring real help to Nevada and hope to people who are on the brink of losing their homes.”