Loans

Attorney General Catherine Cortez Masto announced today a lawsuit against Lender Processing Services, Inc., DOCX, LLC, LPS Default Solutions, Inc. and other subsidiaries of LPS (collectively known “LPS”) for engaging in deceptive practices against Nevada consumers.

I have a friend here in Carson City who will soon be losing her home. She's not the first, and probably not the last.

She bought her house back near the height of the boom. It's a fairly small, modest home, but fits her needs almost perfectly. At the time, her income from her sales job easily covered her mortgage and expenses. Times were good.

The movie "The Rum Diary," currently housed at the Fandango Galaxy cineplex in Carson City, Stars Johnny Depp an roving journalist. It's based on the book of the same name by Hunter S. Thompson, a '60s star of the gonzo brand of journalism. To a large extent the film is a tribute to Thompson and is so noted at the end.

Film opens with Depp as Paul Kemp recovering from a hangover in what turns out to be a hotel room in San Juan, Puerto Rico. He's unshaven, bleery-eyed and is at once nasty to the bellman who brings his breakfast to the room.

CARSON CITY – A report from the Tax Foundation on unemployment insurance taxes says 34 states have had to borrow $37 billion from the federal government to pay jobless benefits, and employers around the country face the prospect of higher tax rates as a result.

The U.S. Small Business Administration backed a record $30.5 billion in small-business loans last fiscal year, including more than $2.5 million that went to Carson City-area businesses.The local SB...

A federal effort to pump affordable loan money into rural communities across the nation is bringing the city of Caliente a brand new pumper truck and a rescue vehicle with a mini-pumper, and not a moment too soon.

CARSON CITY – Despite the need to borrow $773 million from the federal government to pay jobless benefits so far in the current economic downturn, an advisory panel today recommended that the average tax rate levied on Nevada employers to pay claims remain unchanged at 2 percent for 2012.
The unanimous vote of the nine-member Nevada Employment Security Council came despite the recommendation from one employer representative for an increase in the rate to 2.5 percent or even 2.75 percent so Nevada could pay off its federal loans more quickly.

CARSON CITY – Nevada ranks well overall in an analysis by the nonpartisan State Budget Solutions of spending trends over the past decade, coming in 12th in the review of how states have managed their money in times of growth and recession.

CARSON CITY – A new federal program is bringing $13.8 million to Nevada to lend to small businesses to spur job growth, Gov. Brian Sandoval announced earlier this week.
The funds provided to Nevada’s State Small Business Credit Initiative (SSBCI) by the Small Business Jobs Act are expected to help create private sector jobs and spur more than $138 million in additional lending to small businesses in Nevada, Sandoval said.

(press release) Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto today announced that she filed an Assurance of Discontinuance with Morgan Stanley Mortgage Capital Holdings (“Morgan Stanley”) to resolve an investigation into the firm’s role in purchasing and securitizing roughly 3,000 subprime mortgages in Nevada.

The Interim Finance Committee on Wednesday released $23 million in funding to pay this fiscal year's interest on money borrowed to pay unemployment claims.Employment Security Administrator Cindy Jo...

Job, jobs, jobs. We are told that is what we need to fix our ailing economy.

With an unemployment rate above 9 percent, we do need more jobs. But there's a better chance of getting Sarah Palin to pose naked for a PETA anti-fur ad than there is of getting any kind of job-creating bill through a Congress held hostage by deficit-obsessed Tea Party Republicans.

CARSON CITY – Rep. Joe Heck, R-Nev., announced today he will back a spending reduction plan put forth by House Speaker John Boehner because it proposes a balanced budget amendment that will protect the United States’ AAA credit rating.
A vote on the plan scheduled for today was delayed, however.

CARSON CITY – The state Board of Examiners today approved contracts worth nearly $24 million in federal funds to provide employment and training services to job seekers as Nevada continues to lead the nation in unemployment.

(U.S. Department of Justice Press Release)
WASHINGTON – Teresa Kelly, a former operations supervisor in Colonial Bank’s Mortgage Warehouse Lending Division (MWLD), pleaded guilty today to conspiring to commit bank, wire and securities fraud for her role in a fraud scheme that contributed to the failures of Colonial Bank and Taylor, Bean & Whitaker (TBW).

Colonial Bank had a branch on Stewart Street in Carson City, that now sits vacant.

CARSON CITY – The governor has proposed taking funds school districts are using for emergency repairs to help balance the state budget.
School districts have said this would leave them with little money to fix broken boilers and leaky roofs or perform other emergency repairs.
“We don’t have any money set aside right now to cover those expenses if the governor’s proposal moves forward,” said Craig Hulse from the Washoe County School District before a Senate committee reviewing the governor’s proposal.

By Andrew Doughman / Nevada News Bureau
CARSON CITY – A proposal from the state’s treasurer could use $20 million to create a small business loan program.
Treasurer Kate Marshall today testified before a Senate committee about the bill, which she said would help create jobs and revenue for the state.

By Andrew Doughman / Nevada News Bureau
CARSON CITY – State senator Mo Denis, D-Las Vegas, has had enough of percentages.
Just the numbers, please, was his basic request at a Senate Finance committee meeting this past week as various state agencies delivered their budget reports.

By Andrew Doughman / Nevada News Bureau
CARSON CITY – Nevada state legislators may catch a break under a debt-relief proposal from President Barack Obama.
Obama has proposed deferring interest payments on money the states have borrowed to pay unemployment insurance benefits.

By Andrew Doughman / Nevada News Bureau
CARSON CITY – Nevada’s unemployment-insurance benefit fund could be in the red until 2018 as the state continues to borrow from the federal government to keep sending unemployment checks.

By Andrew Doughman / Nevada News Bureau
CARSON CITY – Gov. Brian Sandoval has proposed spending an estimated $60 million to repay interest on hundreds of millions of dollars in federal loans.
That $60 million would come out of the general fund, said Dale Erquiaga, the governor’s senior adviser. This would leave less money for health care, education and other vital state functions in the general fund.

Carl Kuhl, a state Parole and Probation employee of six years, has created a plan that he claims will eliminate Nevada's budget deficit within two years.

In a news release issued on Tuesday, Kuhl said his plan not only will reduce the budget deficit but also help repair Nevada's economy at the same time. It is a pretty big claim, he admits, coming from an Accounting Assistant I, an entry level position.

By Sean Whaley / Nevada News Bureau
CARSON CITY – The neighborhoods of this capital city and the Washoe Valley just to the north are ground zero for one of the most fiercely contested state legislative races in Nevada this year.
Potentially at stake is the makeup of the 42-member Assembly and whether Democrats can sustain their dominance of the lower house with a 28-member, veto-proof majority.

Nevada News Bureau staff
CARSON CITY – An effort to change Nevada state law to expand the ability to raise money through charitable lotteries is having a tough time gaining support, the sponsor of the proposal said today.

Everyone loves a parade!

Every year Nevada does something completely unique in the United States. Nevada celebrates it's date of statehood with a huge 3 hour parade right through the middle of beautiful historic downtown Carson City. The NV Day Parade averages 200 entries from all over Nevada with antique cars & motorcycles, cowboys on horses, Burning Man & Gunfighters shooting in sequences, Marching Bands and tons more!

By Sean Whaley / Nevada News Bureau
CARSON CITY – State governments across the country are facing budget deficits and a tough economy right now, but failure to get a handle on long-term liabilities, from unfunded pensions to subsidized health care for retired workers, could jeopardize any recovery, a fiscal expert said today.

With summer here, why not take a stroll through downtown Carson City and enjoy local wine tasting, food and history on Saturday, Aug. 7 and every first Saturday of the month during the Downtown Wine Walk, sponsored by the Carson City Downtown Consortium.
Purchase a wine glass and map for $10 and enjoy the wine tasting, hors d'oeuvres, art galleries, gift shops, casinos and restaurants. Sign-ups are at Carson Nugget, Horseshoe Club, Cactus Jacks and Carson Jewelry & Loans. Call (775) 883-2211.

The Carson City Board of Supervisors yesterday suspended the redevelopment incentive loans for small downtown businesses, putting an end (at least for now) to the oft-criticized program.

Instead, the supervisors wish to focus more on infrastructure, and possibly on bigger projects (hello Carson City Center AKA Nugget Project). And this change doesn't effect funds used for special events, like the Curry Street Promenade or Nevada Day.

With summer here, why not take a stroll through downtown Carson City and enjoy local wine tasting, food and history on Saturday, July 3 and every first Saturday of the month during the Downtown Wine Walk, sponsored by the Carson City Downtown Consortium.

CARSON CITY – Despite Nevada’s record high unemployment rate, the amount of money the state expects to borrow from the federal government to pay jobless benefits remains on target, a state official said this week.