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Lawmakers Reverse Course, Preserve Foreclosure Mediation

CARSON CITY, Nev. (AP) — Nevada lawmakers who sought to pull the plug on a program that helps homeowners fend off foreclosure have reversed course and want to continue it for another two years.

Members of a joint Assembly and Senate budget committee voted Wednesday to keep the Foreclosure Mediation Program going for two years, with the intent of discontinuing it after that.

It's a change from earlier this month, when lawmakers recommended ending the program this year. They pointed to the program's falling participation rate and say the state has better uses for the money.

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The Foreclosure Mediation Program was born in 2009 and brings lenders and troubled borrowers to the negotiating table.

Nevada still has a high foreclosure rate relative to other states, but the raw numbers have plummeted from their recession peak.