Reid, Heller weigh in on foreclosures

Sen. Harry Reid praised a $25 billion settlement with the nation’s five largest mortgage servicers over foreclosure abuses that have hit Nevada harder than any other state.

Speaking on the Senate floor, Reid said Thursday morning that the deal would provide roughly $1.5 billion in relief to Nevada’s “beleaguered” homeowners.

“The collapse of Wall Street, it really hurt our housing market,” Reid said.

Sen. Dean Heller took to the Senate floor later Thursday to introduce legislation aimed at keeping families in their homes even if they face eviction.

“Families that have been foreclosed upon already are having a hard time paying their bills. Add on to those difficulties the time spent finding a place and the cost of moving, and their problems are compounded,” Heller said.

Programs set up to help families in such distress have not met expectations, he said. So, Heller is proposing new legislation that would allow banks to enter into long-term leases with owners who lose their homes through foreclosure.