MICHELLE RINDELSThe Associated Press

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February 10, 2013
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Program would buy underwater mortgages

LAS VEGAS — Amid a buffet of government-run mortgage relief programs that many struggling Nevada residents say they’ve heard nothing about, Bruce Breslow thinks he finally has a program that fatigued homeowners will pay attention to.The proposed program would have the state create a $150 million nonprofit to buy up distressed mortgages en masse and refinance them. The newly appointed director of Nevada’s Department of Business and Industry thinks it could help chip away at the tens of thousands of mortgages in Nevada that are severely delinquent.“I think the ‘shadow inventory’ is the main thing that’s keeping homebuilders from moving …

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The Nevada Appeal Updated Feb 10, 2013 02:56AM Published Feb 10, 2013 02:55AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.