2013-02-12 — mortgagenewsdaily.com
Citing the overhang of distressed homes as a major stumbling block to recovery, a Nevada official is proposing a new program for reducing it. According to the Associated Press, Bruce Breslow, Director of Nevada's Department of Business and Industry, wants to use federal and other funds to purchase about $150 million in delinquent mortgages and substantially reduce the principal balance.
The program appears to differ from those proposed recently by counties in California, Illinois and Massachusetts in that the loans would be purchased rather than taken through eminent domain and the state would hold the loans rather than immediately reselling them.
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