GOVERNOR ENCOURAGES WORK WITH BANK OF AMERICA TO ASSIST NEVADA HOMEOWNERS

October 6, 2008 (Carson City, NV) -- Governor Jim Gibbons today asked that the Nevada Attorney General explore options to settle with one of the nation’s largest home mortgage holders in order to stem foreclosures in the state. The Governor noted that a number of states, including Arizona and California, have entered into a settlement agreement with Bank of America over loans originated by Countrywide Financial Corp., which Bank of America recently acquired. That settlement includes modifications of loans, reductions in interest rates and payments and other options to help homeowners stay in their homes. "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," Gibbons said. "The housing crisis is an integral part of the state’s budget problems and is devastating to the individuals and families going through it."

"I will work with the Attorney General to explore helping our homeowners as other states are doing," Gibbons said. Gibbons pledged to also work with other major home lenders to gain relief for Nevada homeowners. "Bank of America recently entered into a multi-billion dollar settlement in other states that we can use as a model here, not just with them, but with other institutions," Gibbons said.