Here's the September 28, 2007 Press Release from the Governor of Nevada's office: Economic Summit on Housing Stability. Here's the coverage on Channel 3, the lack of coverage on Channel 5, more lack of coverage on Channel 8, and absolutely zero coverage on Channel 13 & the Las Vegas Review Journal.

So here we have it, the Governor of Nevada hosting a summit with lenders and credit guarantors so:

"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,”

Super! Next up:

“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.”

And then:

“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.”

Here is the problem. There are normal families who are affected by this but just meeting with the lenders makes it appear the governor is in collusion with the lenders. I am happy he is trying to find the solution to this problem but the problem isn't within ONE area of a real estate transaction.

We have originators who originated crappy loans without fully explaining the type of loan, we have investors (lets call them speculators) who bought using loans saying that they would be owner occupied, we have homes listed with agents but owners aren't willing to even show the homes because they are just prolonging foreclosure, there are new subdivisions with more foreclosures than the norm which would point out some builder/preferred lender fraud, do I need to go on?

Here are some problems with solutions:

• Just this past week I had a BPO on a short sale NOD where the list agent didn't have the TENANT's number or the OWNER's number to allow me to get in to do the interior inspection. Here is one (just one because there are more) example of someone who gets positive cash flow while not having to pay their mortgage. I propose that we do NOT bail these types out and we start prosecuting them for fraud. How about the possibility of an agent losing their license for taking listings like these for participating in FRAUD?
• Let's also take a long & hard look at newer subdivisions for a high rate of foreclosures. Let's start investigating the builders and revoking their contractor's licenses and maybe even look at possible RESPA violations.
• Let's look at tax records and start finding patterns of "owner occupied speculators & investors." It isn't really hard for someone with MLS access to see what homes are rented out where the owners are also living there. How about people who are owner occupied in 2,3,4,5,,6 or more homes in the valley? Mortgage fraud to the nth degree here people!

Why the lack of coverage? You cannot fix a horrible flesh wound with feel good tactics. Probably because you need to see a surgeon and get some stitches for that gusher! Most mommies would get hung in the court of public opinion for child abuse, at the very least. Let's bring in ALL parties to find a solution. Now, not tomorrow, not next week, not next month. Maybe if we use what is already on the books, the scar will be minimal and the dangerous actions that procured this flesh wound will not be repeated in the future. There is fraud surrounding us from two years ago, one month ago and now. It doesn't take a brain surgeon.

Anyone with me on this one?