Las Vegas Sun

June 2, 2015

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Gibbons asks lenders for 90-day freeze on foreclosures

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Richard Brian

Nevada’s rate of home foreclosures has led the nation for several months, with signs like this one in northwest Las Vegas popping up across the valley. Gov. Jim Gibbons on Thursday asked for a 90-day halt to foreclosures in the state.

Gov. Jim Gibbons asked for a 90-day freeze on foreclosures in Nevada in a meeting today with representatives of mortgage lenders.

The lenders agreed to devise options and ideas to keep Nevadans in their homes but did not say if they would agree to Gibbons' three-month moratorium on foreclosures. They plan to further discuss the options with Gibbons within the next few days, according to the governor's office.

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 included Wells Fargo Bank, Countrywide/Bank of America, the State of Nevada Housing Division, Bank of Nevada and the Nevada Bankers Association.

The lenders said they are willing to modify loans to keep people in their homes.

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

Jeff Pope can be reached at 990-2688 or jeff.pope@hbcpub.com.

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