Banks Push to Change Nevada Law that Criminalized Fraudclosures

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“If it comes down to a homeowner who had a mortgage, or a bank — who has the right to be there? I’ll go with the homeowner,” he said. “I’m not worried about the banks. They made their beds. They can sleep in it.”

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Banks push to change Nevada law that crimped foreclosures

Foreclosures in Nevada could spike next year if lawmakers and banks roll back a bill passed in 2011 that played a large role in stymieing banks’ attempts to retake homes from Nevadans, according to the state’s banking association president and housing analysts.

But more foreclosures aren’t necessarily a bad thing for Nevada’s housing market, at least in the long term, according to housing analysts.

Banks are in talks with Democratic Attorney General Catherine Cortez Masto and lawmakers about how to amend the state law that slowed foreclosures to a trickle in fall 2011, according to the Las Vegas Sun.

Although foreclosures since have risen, they’re still about a quarter of where they were before the law went into effect.

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