Sunday, February 26, 2012

Committee: Homeowners facing foreclosure should know what banks paid for mortgages

Hoping to place Nevadans facing foreclosure in a better negotiating position with their lenders, a state panel recommended Thursday that banks be required to disclose how much they paid for homeowners’ mortgages.

Banks have purchased many mortgages for far less than the original loan amount — sometimes with the assistance of a federal bailout — according to attorneys for homeowners, real estate agents and consumer advocates. Even so, banks in Nevada have rarely agreed to lower the value of mortgages — the principal.

In an attempt to force banks to modify more loans, the state advisory panel recommended a series of changes to the Nevada Foreclosure Mediation Program on Thursday. Some of the recommendations divided the committee between those allied with banks and consumer groups.

Read the rest of the article at the Las Vegas Sun

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