Gibbons calls for deal with BofA to help Nevadans facing foreclosure

Gov. Jim Gibbons wants Nevada to make a deal with Bank of America to help reduce the number of foreclosures in the state.

He pointed out the bank has already entered settlement agreements in California and Arizona over loans originated by Countrywide Financial Corp., which BofA recently purchased.

Gibbons asked Attorney General Catherine Cortez Masto to look into the possibility of doing the same to help people facing foreclosure in the Silver State.

The California settlement agreement includes modifying terms of loans with reduced interest rates and payments as well as other options.

Nevada has one of the nation's highest foreclosure rates with nearly one in every 75 mortgages either late or in foreclosure.

"Settlements that change the terms of mortgages to help people stay in their homes are key to helping stem the foreclosure crisis in our state," said Gibbons in his statement to the attorney general's office.

Gibbons pledged to also work with other major home lenders to gain relief for Nevada homeowners.

Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.