Governor Leading Effort to Keep People in Their Homes

Carson, City, NV- December 11, 2008 – (RealEstateRama) – Governor Jim Gibbons today spoke with leaders of several major banks and mortgage lending companies to try to halt the epidemic of home foreclosures in Nevada. Governor Gibbons wants the lenders to implement a 90-day freeze on home foreclosures in Nevada.

During his conversation with the lenders, Gibbons repeated his pledge to work to “keep people in their homes.” Current statistics show home foreclosures could hit 30,000 in 2008 in Clark County alone. “If Wall Street and large financial institutions can get relief, it is fair and reasonable for Main Street and local homeowners to receive consideration from financial institutions,” Gibbons said.

Participants in the meeting with Governor Gibbons included representatives from Wells Fargo Bank, Countrywide/Bank of America, the State of Nevada Housing Division, Bank of Nevada, Bank of America, and the Nevada Bankers Association. The lenders noted that they are willing to modify loans to keep people in their homes, and Gibbons commended them for being proactive on the issue.

Governor Gibbons noted that foreclosures impact not only the families losing their homes, but also entire neighborhoods that become blighted when vacant homes are untended. “An excess of empty houses causes property values to decline for everyone, that’s another reason to keep people in their homes,” the Governor continued.

The lenders have pledged to come up with some options and ideas to keep Nevadans in their homes. They plan to return to the Governor with those options and plans within the next few days.

“Time is a critical element here, as the problem continues to escalate,” the Governor said. “We must act quickly because too many Nevadans have already lost their homes, which is devastating, particularly during the Holiday season.”

The Governor has had a number of meetings with financial institutions in order to devise solutions to the foreclosure issue.

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