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New Rules for the Mortgage Mediation Program

The Nevada Supreme Court will consider adding more requirements for banks in the Mortgage Mediation Program. The rules would require banks to disclose the price they paid if they bought a mortgage at a discount because the owner wanted to unload it. Sometimes, this could be as little as 5 cents in the dollar on the value of the note. So what impact would that have? Would it speed up and improve the mediation program or set up unrealistic expectations on what banks would be willing and able to cut off the mortgage's principal?
 
GUEST
Barbara Buckley, Exec Dir, Legal Aid Center of Southern Nevada
Bill Uffelman, Exec Dir, Nevada Bankers' Association

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Jul 04, 2009

Mortgage Mediation