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Titus Statement on Financial Crisis Inquiry Commission’s Hearing in Southern Nevada
September 8, 2010 – Henderson, NV – Congresswoman Dina Titus of Nevada’s Third District released the following statement today on the Financial Crisis Inquiry Commission’s hearing in Las Vegas. The bipartisan commission has been examining the causes of the financial crisis that gripped the nation and will report its findings to Congress, the President, and the American people.
“I applaud Chairman Angelides, Commissioner Heather Murren, and Commissioner Byron Georgiou for holding this field hearing of the Financial Crisis Inquiry Commission in Southern Nevada, “ground zero” of the foreclosure crisis. I am confident that today’s hearing will provide valuable insight to the Commission regarding the impact of our nation’s financial crisis here in Southern Nevada.
“Today’s hearing will be instrumental in providing a better understanding of the impact of the financial crisis on the general economy in Nevada as well as for businesses, real estate markets, and community and public services. The financial crisis has created a lot of pain throughout the country, but especially here in Southern Nevada, where we are experiencing record unemployment and the highest foreclosure rate in the country.
“The Commission is charged with investigating the causes of the financial crisis and many of these direct causes can be found here in Southern Nevada, where predatory lenders and speculators created an artificial bubble for housing prices, hurting homeowners who played by the rules. Now, the bubble has deflated and homeowners face record equity losses and the challenge of making mortgage payments.
“I hope that today’s hearing will provide the insight necessary for the Commission to make effective recommendations to Congress and the American people to prevent a future crisis of this nature. Already we have taken important steps by passing Wall Street reform legislation that reins in banks, ends taxpayer-funded bailouts, and ends predatory lending. The people of Southern Nevada deserve better than a boom and bust economy, driven by Wall Street greed and a lack of responsible oversight by government regulators asleep at the switch.”
Titus: $43 Million in Additional Neighborhood Stabilization Funds Will Help the Housing Market in Southern Nevada
September 8, 2010 – Henderson, NV – Congresswoman Dina Titus of Nevada’s Third District applauded the announcement today that Nevada will receive an additional $43 million through the third round of the Neighborhood Stabilization Program. These funds will be given to state and local governments to further their efforts to stabilize the local housing market.
“Southern Nevada has been ground zero for the nation’s housing crisis and families throughout District Three have been hit the hardest,” Titus said. “I was proud to support this additional funding because I am confident that if used quickly and efficiently, these funds will help bring stability and strengthen communities throughout Southern Nevada. I have pushed the Obama Administration to do more to help the areas, such as Southern Nevada, that have been hit the hardest by the housing crisis. There is not a ‘one size fits all’ solution to this crisis, and these funds will allow local governments to respond to the individual needs of the housing market in their communities throughout Southern Nevada. I will continue to fight on behalf of responsible homeowners to help them avoid foreclosure and stay in their homes. It is imperative that Washington does more to help the hardest hit areas like Nevada.”
In total, Nevada will receive $43 million.
Clark County: $20,253,261
Henderson: $3,901,143
Las Vegas: $10,450,622
State of Nevada: $5,000,000
The Neighborhood Stabilization Program provides funds to state and local governments. NSP provides assistance for the redevelopment of abandoned and foreclosed homes and residential properties. NSP establishes financing mechanisms to help qualifying homeowners purchase a foreclosed home and rehabilitates abandoned or foreclosed homes. This round of funding was included as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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