WASHINGTON — Overshadowed Thursday by the massive mortgage settlement between the states and major banks was the introduction of a Senate bill that could allow people to remain as renters after their homes are foreclosed upon.
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Nevada, one of the states hardest hit by the collapse of the housing market, will get an estimated $1.5 billion from a $25 billion nationwide settlement over foreclosure abuses, Attorney General Catherine Cortez Masto said Thursday.
A Justice Department report released last month praises the Nevada Foreclosure Mediation Program, saying it provides a road map for other states to follow in addressing the continuing fallout from the housing crisis.
Nevada led all states with foreclosure sales accounting for nearly 57 percent of all home sales, RealtyTrac said Thursday. Several other states had foreclosure sales that made up at least 20 percent of all homes purchased in the third quarter: California, Arizona, Georgia, Colorado and Michigan.