3 quick takeaways from the mortgage conference happening right now

3 quick takeaways from the mortgage conference happening right now

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Servicing / The Ticker

Nevada balances homeowner rights vs. speedy recovery

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Nevada lawmakers threw a new state foreclosure requirement on lenders, putting an additional hurdle for banks to jump over. This boils down to which is more important: protecting homeowners who are behind on payments or promoting speedy recovery of the state’s housing market? This, from the Las Vegas Review-Journal:

“Some people say this law is a good idea because it slaps the hands of banks and keeps them in line, and from that perspective, I agree,” said Dennis Smith, president and CEO of Home Builders Research in Las Vegas. “However, there were already laws in place for banks to follow. I think we’re over-legislating the recovery.”

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