community stories for southern Nevada

Mediation in home foreclosures ’slowing the process’

I suppose it all depends on what process we’re talking about here: the process of banks taking over the ownership of properties, or the process of homeowners sorting out whether they can save their homes from foreclosure. Here’s a snip from an article in the Review Journal:

Nevada’s mortgage foreclosure mediation program and similar programs in other states are delaying efforts to resolve problem loans, the top official at the Mortgage Bankers Association said today.

“We find it’s just slowing the process down,” said John Courson, chief executive officer of the Mortgage Bankers Association. Courson spoke during a conference call from the association’s annual convention in San Diego….

…Assembly Speaker Barbara Buckley, D-Las Vegas…disagreed with Courson’s statements.

She noted that one of the state’s first mediation sessions was avoided after the lender negotiated with the homeowner.

“In Nevada, we’re ground zero for foreclosure in the nation,” she said. “To me, foreclosure mediation is an opportunity for these Nevadans who have not been able to reach their lenders to sit across the table from them, Legislators wouldn’t be initiating this law if the lenders were working with homeowners.”

Before the mediation law, “people were getting foreclosed in their home without any communication between the lender and the borrower,” said Assemblyman Marcus Conklin, D-Las Vegas.

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