Reid: Senate to push foreclosure help

By Lisa Mascaro

Monday, Feb. 11, 2008 | 3:47 p.m.

WASHINGTON — On the heels of Congress passing an economic stimulus bill, Senate Majority Leader Harry Reid said today the Senate will next craft a foreclosure crisis package.

Reid plans to revive some of the housing-related proposals that had been scrapped from the Senate Democrats’ version of the stimulus bill for that passed Congress last week.

One item Reid said was sure to be on the list is a proposal from Democratic Sen. John Kerry of Massachusetts – which now has a companion House bill from Nevada Republican Rep. Jon Porter — to allow state and local housing agencies to take out bonds to refinance mortgages. Such proposals could potentially help homeowners with adjustable loans get into mortgages with more manageable rates.

Reid said he had not talked with Porter about the bill, but welcomed the Republican’s effort.

(Remember, Reid and Porter do not enjoy the same non-aggression pact that Reid and Nevada Republican Sen. John Ensign uphold. Porter went after Reid over campaign contributions in 2006, and the next thing he knew Reid's press secretary was running against him — and came within a few thousand votes of beating him in the mid-term election. Porter is often mentioned as a challenger to Reid in 2010.)

Perhaps, Reid suggested, Porter could help get one other key Republican on board with the bill: President Bush.

“Maybe he can get the White House to go along,” Reid said during a conference call this afternoon with Nevada press.

Reid noted that Bush mentioned a similar program in his State of the Union address, but Senate Republicans last week voted down a Democratic bill that included the provision.

Porter’s spokesman said the congressman would be working with the administration.

“The congressman worked very closely with the Secretary of the Treasury on the legislation and will continue to do so,” said Porter spokesman Matt Leffingwell. He added that Porter “welcomes the support from the Senate Majority Leader. We are encouraged that Senator Reid recognizes this bipartisan provision will help Nevada families stay in their homes.”

Reid hosted the call with with Nevada Assembly Speaker Barbara Buckley to announce a free mortgage assistance program that will be held from 10 a.m. to 4 p.m. on Feb. 18 at Cashman Center at UNLV.