Legislation to help lenders met with praise and criticism
Although Las Vegas had the lowest number of foreclosures this year in August, Nevada is still leading the country in the number of foreclosures per household. Congress has passed legislation to help ease the crises, but some people claim that bailing out delinquent borrowers could do more harm than good.
Although the plans were designed to help those who live in their home, “flippers†who bought homes during the boom may be able to take advantage of the programs. However, Housing Secretary Alfonso Jackson insists that the government will target those who took interest-only or adjustable-rate mortgages.
Several Nevada lawmakers praised the programs, including Democratic Rep. Shelley Berkeley and Republic Reps. Jon Porter and Dean Heller.
Read the Las Vegas Sun article here.
