Senator Harry Reid has been in Nevada for the past two weeks. After touring both the north and the south, he says that Nevada is feeling the effects of a weakened economy and more needs to be done to keep people in their homes.
The bill he is proposing would increase pre-foreclosure counseling money, this way families can connect with their lender before they foreclose their home.
The bill would also make disclosure more transparent during the application process. It would provide grants to refurbish foreclosed properties. And, allow housing finance agencies to issue bonds for refinancing.
Senator Reid says he tried to move this legislation weeks agi, but Republicans blocked it. So, he'll make another go of it this week.