Home»Nevada to receive $100M for housing help
Nevada to receive $100M for housing help
Page Last Updated: Friday February 19, 2010 5:47pm PST
Nevada will soon get more federal money to help with the housing crisis. On the day of his visit to Las Vegas, President Obama announced a plan to help struggling states like Nevada.
Nevada’s housing crisis took center stage during President Obama’s town hall meeting at Green Valley High School when an announcement brought a cheering crowd to its feet.
“I’m announcing a $1.5 billion fund for housing finance agencies in the states that are hardest hit by the housing crisis. And that means here in Nevada.”
In addition to the Silver State, the money will go to California, Florida, Arizona, and Michigan in an effort to help unemployed borrowers, underwater borrowers, and borrowers who have a home equity line of credit or other second mortgage on their home.
“This fund is going to help out of work homeowners avoid preventable foreclosures. It will help homeowners who own homes that are worth more find a way to pay their mortgages that works both for the borrower and the lender alike. We'll help folks who have taken out a second mortgage modify their loan.”
The $1.5 billion has been allocated from funds set aside for housing under the Emergency Economic Stabilization Act of 2008, better known as TARP.
Within the next two weeks the U.S. Treasury will announce the maximum each state will receive. But, according to Senator Harry Reid’s office, Nevada stands to collect at least $100 million.
Although it isn’t a complete solution, this is a step in the right direction.
The program will work closely with lenders, offering incentives for banks to renegotiate mortgages and re-write second liens, all the while continuing to hold them accountable.
“The government can't stop every foreclosure and tax dollars shouldn't be used to reward the very irresponsible lenders and borrowers who helped bring about the housing crisis. But what we can do is help families who have done everything right,” says President Obama. “Whenever possible, what we can do is stabilize the housing market so that home values can begin rising again.”
The Alliance for Stabilizing Our Communities is holding a home rescue fair Saturday at Rancho High School, located on Searles near Owens and Eastern from 10 am to 2 pm. The fair will offer one-on-one session with loan specialists, foreclosure prevention workshops, and information about HUD program.
COMMENTS
100 Million? Really? Did I forget to put on my glasses? I could have sworn, someone fairly important said he was putting aside 1.5 BILLION, not million, but BILLION
with a capitol "B" and Nevada, one of the hardest hit states in foreclosures and unemployment ONLY GETS 100 million? Gee, Mr. President, don't do us any favors.... Heard this crap last year..."assistant for upside down homeowners.." "going to help millions stay in their homes.." and the greedy banks still used the money meant to help homeowners to buy other banks!!! and to pay huge, HUGE, bonuses to bigwigs!!! NOT to help anyone but themselves and their bottomline. What a joke! Empty promises again. I lost over 200k worth of value in my home am upside down like bigtime, and have dreams of how I will "mess" this house up if I am forced to leave after 22 years of very hard work and a whole lot of money, seemingly down the proverbial drain. I've tried to get help, no bank, lender, mortgage company will BECAUSE I am upside down and not yet six months behind in payments. Like I said, what a joke....God help us all....or give us more of the TARP to TRULY help Nevada...sad indeed.....
Just another trick by obama to attempt to buy votes for the loser Harry Reid. We know what your up too and it won't work, BHO
trick is right. the bailouts alone should have got an impeachment. for both reid the acting president. so now we are in this mess, I did not buy into a easy qualifying loan and get screwed. what do I get? I did my job right but still don't get a raise. I am not on welfare or gov assistance, WHAT DO I GET? where is my bail out?
First off, the bailout was orchastrated by the previous administration and Treasury Secretary, so quit whinning about Obama bailing out banks. Second, you losers should go get jobs! There are plenty out there. I've worked more the last year than ever in my life because so many crybabies want to sit home and collect unemployment, send resumes via internet and watch FOX News and get all upset that they are in the middle of a socialist transition!?!? You're upside down on your house, your car, your merchandise from Walmart, your spouse, etc. Move on! Capitalism is destined to create losers! This time more than usual. You're a loser, so either end the game (which would really help thin out the stupid herd) or start over and rebuild. And be prepared for the next loser cycle, which will be infecting our economy much sooner than we like to think.
Robert D. why don't you leave? There are plenty of countries you would be happy in. I knew we could get to that...it's all Bush's fault! Poor Barry is just an innocent bystander...what a pant load. Those of us who have brains know who caused this mess and who is not helping solve the issues. We will deal with you this November! Nevadans...how much will it take to buy your vote?
Another "promise" from the White House that will have absolutely no benefit to ANY home owner in mortgage trouble. Been there done that - banks or lenders will not talk to you till you are a minimum of three months behind and then they will stall till you default. No help to prevent the crisis - the government created the crisis and is not capable of providing a solution. Cheer for the President if it makes you feel good. He does not want the individual to succeed. He is a practicing Socialist - so very, very sad.
I am another disgusted nevada resident, who has called everywhere to try and get a lower interest rate for my home, and who is also upside down in it. I hate to think of how bad it is.We can't get any help because we are not in the arrears, we struggle every month to pay our mortgage, (we have gone through all our savings, and our credit cards are almost maxed out) not because we are spending foolishly but because my husbands pay dropped 300.00 dollars per week, and I am retired (68 years old) and we also were trying to help our children because of this ression, LETS JUST ALL AGREE WE ARE SCREWED , THERE IS NO HELP OUT THERE, AND NO ONE REALLY CARES, THE RICH JUST GET RICHER AND THE REST OF US??? WELL........YOU ALL CAN ANSWER THAT ONE,,,
FOOTNOTE: ROBERT T. SHAME ON YOU!!!!
Perhaps the residents of Nevada should be calling for impeachment for both of these crooks! Yes Margo, we are all screwed, no help, no one cares, and you said it - the rich get richer!!!!!!
I think it hilarious that yall complain bout how much money you receive from the govt to help you. This wasnt the Govt fault this was your dumb butt goin in over your head not realizing that you wont be able to afford your place later. Nevada need to take responsiblity for their own actions and stop waiting for a wish and a pray from the POTUS to bail you out. Govt aint obligated to help you when you make stupid decisions but they have help where they can. 1.5 Billion is split across America dummies. 50 states need help Nevada has 2.5 million people in it. Let's say half of that need help (exagerrated). so 1.25 million people need help. 1.25 million is small percentage of the if half america needed help (150 million people) these numbers are stupid the fact is Nevada got their hands out when we all made the decisions we made. You gambled on the market and you lost. Stop asking the house for more money. Get off the table and go to work. If I was Obama I tell yall to go to HELL!!
You guys are incredible.... You are griping because we are "only" getting 100 million?? That is one fifteenth of all the money allocated, and last time I checked we had fifty states.... I would say we are getting the lions share of the aid so stop your complaining!!!
Such a shame but very purposely done till now. Now that many home owners or former home owners have tried time and time again to work with lenders to rectify any problems which arose unexpected! (AIG and affiliates with unlawful lending practices)
Now those big corporate companys have nothing to gripe about because they were saved by our money! But, it's sad that they wont say that or thanks us, just screw us!
Sincerely,
Thank you for the big Green one!
Not for the common folk. Just for the ones that have deep pockets and scared to eat a spam sandwich, or retire with a Hundai and not a Lexus!
President Obama was correct about how businesses should not support Las Vegas.
Las Vegas has hurt this country immensely and we are all suffering because of its wanton disregard of God's laws.
Jesus Christ is coming back soon and I honestly hope the righteous people leave this city soon.
All you whiners need to chill out. Firstly, 100 million dollars is a pretty good chunk of the 1.5 billion allocated to the entire country. Secondly, I am not a big fan of Obama right now but I think we owe it to our President to give him some time to work out the mess he did not build. I mean I was not exactly a big fun of some of the things Bush did (i.e. the illegal war) but at least I gave him a few years to prove himself. I dare to say that no party could have fixed the past in only a year. Your negativity only makes everyone miserable.
Unfortunatly, President Obama is not the one sitting on the other end of the phone when I have called my lender numerous times to re-negotiate my home loan. Is there help for underwater people that are responsible, have good credit, and pay there mortgages on time. I would much rather not work the overtime and have my husband back to work, but I'm tired and am ready to walk away too. How about some help for responsible people all you fat cat lenders.
Why do people not see through this Harry Reid and Obama??? They have done NOTHING for the state of Nevada or Homeowers. They are only concerned about being re-elected. Please don't buy into the the lies of these two. Vote with them out! Lets elect someone who cares about our state and does reward responsible borrowers and tax payers. I am getting very tired of working to support Reid and Obama. VOTE THESE TWO LOSERS OUT!!!!!!
Why are there people that are saying there is to much government but yet right here on this site they are griping that that the President didn't give enough,for some he will never bable to do anything to please them because they have already made up their minds that he can do nothing right and for them nothing will please them.I hate that people lost their homes and jobs but the situation was already being created before this presidency and you can wave a magic wand and and make it all good again.It came from a time of borrow and not save,of borrow more than could be paid back,so lets stop complaining and realize that we are all in this togeteher and all work together for a solution.
Kelly A.
Why do you need to re-negotiate your home loan? It must be one of two reasons. One, you took an irresponsible loan with an adjustable rate that you couldn't afford? Or two, you are upsidedown on your house. If it's the latter, join the club and stop whining.
POST COMMENT
Please login or create an account to post a comment.
DAVID M.
February 21, 2010 12:07am PST
Mark as Offensive
For our few well-qualified buyers this money could help the best qualified debtors, especially and only if they can look forward to a job for about 5-years, This is the way it was done years ago and it was a valid criterion. The kicker now, is that home values are not expected to rise cost of living plus dollar inflation, so it will be difficult for the home owner to just move out, moveup for years ahead. The culprit of course, in these cases rested with the bankers greed for the original risk and now not making a profit. Now the banks must pay. Qualified home-owners must have their loans recast to rock-bottom, agreeing to maintain their homes, including major repair division, future gains on the property split to the homeowners favor. Keep the homeowners in their homes is what is most acceptable to all neighborhoods.