Reid previews Senate housing bill, mortgage foreclosure prevention event

LAS VEGAS - In a conference call with reporters this morning, U.S. Senate Majority Leader Harry Reid discussed the Senate housing bill and previewed a mortgage foreclosure prevention resource center this weekend at the Cashman Center in Las Vegas.

Reid said that Senate Banking Committee Chairman Christopher Dodd (D-Conn.) is making progress on producing a bipartisan housing bill, but that if Senate Republicans wouldn't sign on he'll take up the previously passed House bill next week.

"If I don't have something worked out with the Republicans by probably next Wednesday, I'll just move to that myself," Reid said.

The House bill, which President Bush has threatened to veto, would provide up to $300 billion worth of federally insured loans to refinance some homeowners' mortgages.

Reid was joined on the call by Assemblyman Marcus Conklin (D-Las Vegas), Nevada Attorney General Catherine Cortez-Masto and state Treasurer Kate Marshall. Cortez-Masto and Marshall are also sponsoring the mortgage foreclosure prevention event which will bring six counseling agencies and more than 20 lenders together with homeowners to find solutions to stave off foreclosure.

Besides bringing lenders and homeowners together, the event will also focus on preventing mortgage fraud, a priority of Cortez-Masto's.

With Nevada facing a worsening foreclosure crisis, this type of forum has become a staple of politicians' constituent services. Reid's office hosted an event like this in February and will have another in Reno in July, and U.S. Rep. Jon Porter (R-Boulder City) held one in March.