Housing and Foreclosures

Housing and Foreclosures

With one of the highest rates of foreclosure in the nation, it is clear most current federal housing programs are not working for Nevada’s homeowners.  Too many Nevadans are still struggling to pay their mortgage, face foreclosure, or have had to short sell their home just to make ends meet.  In order to stabilize the housing market and provide relief to struggling homeowners, policies must not only promote responsible homeownership, but also job creation. 

We need to re-establish a housing market that has long-term stability in which private capital, not the federal government, is the primary source of mortgage financing. Any financial regulatory reform bill in the future should stop taxpayer-funded bailouts, make further reforms to Fannie Mae and Freddie Mac, and help address the struggling housing market.

Foreclosures don’t just affect individuals and families. They have a major impact on neighborhoods and entire communities due to declining property values, unpaid utility bills, and increases in crime. Congress must do everything within its power to fix the housing market because Nevada’s revitalization depends on it. I have proposed a number of ideas that will help families stay in their homes and streamline the short sale process.

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