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Issue Position: Housing and Stemming the Foreclosure Crisis

Issue Position

Location: Unknown

Wall Street greed has left thousands of Nevadans struggling to keep their homes, through no fault of their own. Steven believes we need home values to start rising--and we need to punish the guilty and help their victims get back on their feet.

As Majority Leader, Steven sponsored legislation requiring home loan lenders to participate in mediation to modify loan terms for homeowners facing foreclosure. In Congress, Steven will fight to:

Send criminals to jail: hold banks accountable for the predatory home loans they issued that resulted in the majority of the homes in Nevada being upside down in value and prosecute executives responsible;
Negotiate lower interest rates and reduce the principal owed by homeowners to current home values so they can stay in their home and pay their mortgages responsibly;
Expand and fund foreclosure mediation and resolution services so lenders attempting to foreclose prove they have the right to foreclose and work to reach resolution, as possible, with homeowners attempting to responsibly stay in their home.

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