Carson City, September 28, 2007 – Lenders representing the majority of Nevada’s top mortgage loan producers will be attending the Economic Summit on Housing Stability that Governor Jim Gibbons announced last week. The Summit will be held from 1:00 to 4:00 pm on Thursday, October 4, 2007 in Las Vegas to address the mortgage credit crisis in Nevada.
Governor Gibbons invited representatives from the top lending institutions in Nevada to participate in rapidly developing a plan to address the mortgage credit and foreclosure problem. “I am pleased that the response to our invitation has been overwhelmingly positive,” Governor Gibbons said, “While each institution has its own experience and level of exposure to the problem, I am pleased that so many lenders and credit guarantors are stepping up to the plate and planning to attend this summit to actively address this issue.”
The following lenders and credit market guarantors have indicated they will send decision-makers to the Summit: Federal Home Loan Bank; Countrywide Bank; Bank of America; Wells Fargo Bank; IndyMac Bank; CitiMortgage; Washington Mutual; Freddie Mac; Fannie Mae; FHA. The meeting was initially scheduled for the Grant Sawyer building, but to accommodate the large number of participants, it was moved to the Las Vegas Chamber of Commerce Conference room.
Mendy Elliott, Director of the Department of Business and Industry, stressed that the Summit is a working forum, not a hearing, and that they are focused on ensuring that attendees can hopefully bring solutions to the meeting. “Although there are no guarantees, we believe that by hosting this Summit, we have a better chance to make progress toward finding help for those Nevada homeowners who are in need of assistance,” Elliott said. “We will schedule meetings later to work with the many other groups and individuals who are impacted by the mortgage and credit crisis and who have an interest in finding solutions for Nevadans.”
“As Governor, I have an obligation to help solve problems facing our state and our families,” Governor Gibbons stated. “While I cannot promise that we will immediately have a plan that will solve 100% of the problem, I can promise that I will work with these lenders and credit guarantors to find ways to address this complicated issue using private market solutions.”
Governor Gibbons will meet with members of the press prior to the Summit to outline the meeting’s goals before going into the closed three-hour business session.