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Carson City – Lenders representing the majority of Nevada’s
top mortgage loan producers will be attending the Economic
Summit on Housing Stability that Governor Jim Gibbons announced
last week. The Summit will be held from 1:00 to 4:00 pm on
Thursday, October 4, 2007 in Las Vegas to address the mortgage
credit crisis in Nevada.
Governor Gibbons invited representatives from the top lending
institutions in Nevada to participate in rapidly developing a
plan to address the mortgage credit and foreclosure problem.
“I am pleased that the response to our invitation has been
overwhelmingly positive,” Governor Gibbons said,
“While each institution has its own experience and level of
exposure to the problem, I am pleased that so many lenders and
credit guarantors are stepping up to the plate and planning to
attend this summit to actively address this issue.”
The
following lenders and credit market guarantors have indicated
they will send decision-makers to the Summit: Federal Home Loan
Bank; Countrywide Bank; Bank of America; Wells Fargo Bank;
IndyMac Bank; CitiMortgage; Washington Mutual; Freddie Mac;
Fannie Mae; FHA. The meeting was initially scheduled for the
Grant Sawyer building, but to accommodate the large number of
participants, it was moved to the Las Vegas Chamber of Commerce
Conference room.
Mendy Elliott, Director of the Department of Business and
Industry, stressed that the Summit is a working forum, not a
hearing, and that they are focused on ensuring that attendees
can hopefully bring solutions to the meeting. "Although
there are no guarantees, we believe that by hosting this Summit,
we have a better chance to make progress toward finding help for
those Nevada homeowners who are in need of assistance,”
Elliott said. “We will schedule meetings later to work
with the many other groups and individuals who are impacted by
the mortgage and credit crisis and who have an interest in
finding solutions for Nevadans.”
“As Governor, I have an obligation to help solve problems
facing our state and our families,” Governor Gibbons
stated. “While I cannot promise that we will immediately
have a plan that will solve 100% of the problem, I can promise
that I will work with these lenders and credit guarantors to
find ways to address this complicated issue using private market
solutions.”
Governor Gibbons will meet with members of the press prior to
the Summit to outline the meeting's goals before going into the
closed three-hour business session.
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