Dean Heller: Out Of Touch With Struggling Nevada Homeowners
Las Vegas, NV — Yesterday, Rep. Dean Heller showed exactly how out of touch he is with struggling Nevada homeowners when he joined his fellow DC Republicans in gutting a federal program that seeks to help underwater homeowners in Nevada refinance their mortgage and stay in their homes.
At the receiving end of Heller’s indifference was the Federal Housing Administration Refinance Program, a plan that according to the Las Vegas Sun, “allows people with underwater loans to refinance with the FHA, which offers government-guaranteed loans at lower rates.”
To explain his vote, Heller told the Las Vegas Review-Journal that Congress needs to “have the courage to eliminate programs that do not work.” However, that’s likely not the case at all.
“At the beginning of February there were only 245 loan applications through the program, according to Corelogic, a housing research firm that cited the fact it was new, required lenders to update their systems to process the loans and to agree to make ‘meaningful principal reductions’ on the mortgages. The analyst firm cited reports that Wells Fargo and Ally Financial were preparing to introduce pilot programs to move troubled borrowers into the refinance program.”
Even Rep. Joe Heck disagreed with Heller’s assessment. According to the Las Vegas Sun, Heck said “a bad roll-out isn’t a reason to sound the death knell on a program.” He further added, “The FHA refinancing program can be a good program, but it needs more attention, and perhaps reform, so homeowners know it’s an option.”
Looks like Dean Heller is simply just too out of touch to address Nevada’s inauspicious position as the nation’s leader in foreclosures -- a position it has now held for 50 consecutive months.
“With a state like Nevada leading the nation in foreclosures you would think Rep. Heller would be doing everything he can to help Nevada homeowners,” said Sam Lieberman, chair of the Nevada State Democratic Party. “Unfortunately for those struggling to make their house payments and stay in their homes, Heller doesn’t seem that concerned with their challenges. Instead, he’d rather carry the water for his Republican House leaders.”