All-cash Buying on the Rise While Delinquencies Drop; Nevada wants to do what?

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Posted To: Pipeline Press

The talk in the halls here in Houston at the Texas Mortgage Bankers Association secondary conference is about a) diminishing margins for 2013, and b) the level of appropriate government intervention. Yes, in a move that critics say is just another step in nationalization, the state of Nevada (state song: "Nevada Means Home"), in conjunction with the Federal government, may soon be competing with hedge funds and equity firms in buying up properties. Okay, skip that - they'd be buying mortgages . Citing the overhang of distressed homes as a major stumbling block to recovery, Bruce Breslow, Director of Nevada's Department of Business and Industry, is proposing a new program for reducing it: he wants to use federal and other funds to purchase about $150 million in delinquent mortgages and substantially...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/02132013-all-cash-buying-mortgages.aspx

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