In Meeting With Secretary Of Housing And Urban Development Nominee Julián Castro, Reid Stresses Need For Sustained Focus On Affordable Housing

Press Release

Nevada Senator Harry Reid met with Julián Castro, nominee to be Secretary of Housing and Urban Development, yesterday to discuss Nevada's housing market and ways in which the lives of struggling homeowners in the Silver State can be improved. Senator Reid stressed that while many states have fully recovered from the housing crisis, those hardest hit states, like Nevada, still have a long way to go. Reid emphasized to Castro the importance of providing continued housing assistance to those who need it.

"No state felt the housing crisis more than Nevada," said Senator Reid. "While we have made progress, we are not out of the woods yet. We must continue to provide housing assistance to those who need it. I was happy to meet with Julian today to discuss the progress Nevada has made, but that we have a way to go to ensure Nevada's economy, and housing sector, recover and grow. I look forward to his quick confirmation so he can get to work on improving the lives of Nevadans who continue to be negatively impacted by the housing and economic crises."

Since the economic downturn, Reid has worked hard to alleviate the stress of the housing crisis on Nevadans. In 2010, he led the fight to pass the landmark Wall Street Reform bill, which abolished the loopholes that allowed shameless mortgage lenders to hand out bad loans to misinformed borrowers. He also ensured the Home Affordable Refinance Program, HARP, was more responsive to Nevada's needs. In 2011, President Obama announced in Las Vegas that Senator Reid's work eliminated certain risk based fees associated with HARP, extended the program, and lifted the cap of 125 percent loan-to-value for eligible borrowers refinancing into fixed rate loans.

Additionally, in 2010 Senator Reid demanded that Bank of America establish a hotline specifically for Nevada customers who had mortgages with the bank. The hotline, in connection with three Bank of America resource centers Senator Reid helped establish across Nevada, helped concerned Nevadans navigate the housing crisis confidently. Since 2008, Reid's Nevada offices have held countless foreclosure and homeowner workshops for the many struggling homeowners. Senator Reid's conversation with Julián today illustrates that he is continuing to fight for the economic wellbeing of Nevadans. His past record of public -- private partnership to help Nevada's economy grow will continue, and Julián Castro will be a productive part of that.

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