Nevada's Foreclosure Mediation Kept Many in Homes

Nevada's Foreclosure Mediation Kept Many in Homes

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LAS VEGAS  -- Nevada' former Assembly speaker says the state's foreclosure mediation program has largely worked in its first full year, keeping nearly half its participants in their home and avoiding foreclosure in nearly nine in 10 cases.

Former Speaker Barbara Buckley said Tuesday at a University of Nevada, Las Vegas panel that just over 13.2 percent of 6,021 mediations from mid-September 2009 through September 2010 resulted in foreclosures.

Buckley pushed legislation that created the state program during the 2009 legislative session before she was termed out last year. She says the law has worked because it requires lenders to meet in good faith with authority to make decisions.

Buckley says nearly 66 percent of mediations resulted in agreements, with 47 percent of participants remaining in their home.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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