The Personal Foreclosure Story in Nevada

Nevada has a personal foreclosure story to tell. It is one of the worst hit states in the country. Senator Harry Reid (D-Nevada), the leader of the majority knows it better than anybody else. He is fully aware of the rising numbers in the state.

The incidental victims of the foreclosure crisis are the renters who for no fault of theirs are now facing the music. At the time of contracting the rent they had no idea that the house was foreclosed upon. They only came to know of it when given two days notice to vacate premises. In February one of every 165 houses was in foreclosures. The rate of 3.4% is three times higher than the national media of one foreclosure for every 557 units. Foreclosure numbers were low in the Bluegrass State of Kentucky with one out of 3,919 units being in foreclosure. Nevertheless it is 23.5 % higher than 2006 and 77% more than 2005.

The numbers could well translate into woes for Reid whose approval ratings are falling. Although he does not face the ballot box till 2010 it is not a comfortable feeling to know that the ratings are below 32%. Reid will have to climb out of a fairly deep gully. Things are not comfortable for the minority leader of the Senate Mitch McConnell (R-KY). He is facing a lot of local pressure to move a housing bill. McConnell faces re-election this autumn. His ratings are better than McConnell but nothing to crow about at 52%. Both the senators coming from opposite camps were talking about the amendments to the Foreclosure Prevention Act, which had been stalled by 48/46 on 28th February.

Reid wants attention to be focused on the borrowers who need help and not on giants like Bears Stearns. In a letter to McConnell, Reid said, ‘the federal government has provided assistance to Wall Street; now Congress must turn its attention to Main Street.’ McConnell urged on the floor that the two parties must work together to solve the foreclosure crisis and not focus on scoring political points.

Most of the Republicans voted against the bill perhaps under pressure by the banking group and Bush. Reid and other Democrats put pressure for the passage of the bill. The government has to interfere as a hands-off approach has not worked and will not work. Reid will continue to put pressure.

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