Nevada has been hit harder than any other state by the national foreclosure crisis, which is why I am working to ensure that the Senate passes legislation to help our homeowners. The Senate Housing Bill gives first time homebuyers an $8,000 tax-credit, and requires mortgage lenders to be up-front with homeowners about potential maximum payments. We also created a new program under the Federal Housing Authority that allows people to move from adjustable- to fixed-rate mortgages. I am proud of this bipartisan legislation and am confident that it will pass the Senate soon and help thousands of Nevadans.

Nevada Senator Harry Reid spoke about the need to pass a bipartisan housing bill, which addresses the record-high foreclosures at the root of the broader economic crisis by helping Nevadans keep their homes and their home equity. This legislation will restore safety and stability to the housing market, and help businesses and communities impacted by this crisis both recover and create new jobs. In addition, this bill will help prevent another crisis of this magnitude.

The bipartisan legislation stops foreclosures before they begin and preserves for future generations the American Dream of home ownership. To truly revive our weakening economy, Bush-McCain Republicans dragging their feet should follow the lead of their colleagues in the Banking Committee who recently joined with Democrats to pass this bipartisan bill by a 20-to-1 vote. Reid is working to address the housing crisis in Nevada by organizing Mobile Resource Centers across the state that have helped connect more than 1,000 Nevadans with state and local agencies, nonprofit organizations, and lenders to help with their mortgage situations. For more information on foreclosure-related assistance for Nevadans, click here.

For more information on the Senate Housing Bill, CLICK HERE.

For information regarding foreclosure prevention, CLICK HERE