In an effort to stem the wave of foreclosures in Nevada, state legislators passed a law more than a year ago that require lenders and homeowners to engage in a mediation process, before a lender can move forward with a foreclosure proceeding.
First year statistics from Nevada's Foreclosure Mediation Program show that more than half of the meditations have kept people in their homes. But critics say the program has helped only a small number of homeowners and that the program's administrators are preventing mediators from enforcing sanctions against banks.
How effective is the foreclosure program, and how many homeowners has it really helped? Have sanctions ever been levied against the banks?
GUEST
Verise Campbell, Program Administrator, Nevada Foreclosure Mediation Program
Michael Joe, Attorney, Legal Aid Center of Southern Nevada
Barbara Buckley, Speaker, Nevada Assembly
Keith Tierney, commercial and real estate lawyer; mediator, Nevada's Foreclosure Mediation Program