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Eminent Domain Criticism Increases

Eminent Domain Criticism Increases

Realtors have led a charge against the potential solution.

Thousands of underwater North Las Vegas home­owners face a pair of bad options: Pay down a home that might never again be worth its purchase price or stop payments and await the inevitable, the credit-crashing crunch of foreclosure.

Read more at the Las Vegas Review-Journal... Read More

Controversial Program That Uses Eminent Domain to Bail Out Underwater Homeowners Poised for Vote

Controversial Program That Uses Eminent Domain to Bail Out Underwater Homeowners Poised for Vote

The program combines private money with public power.

For the past two years, representatives from Mortgage Resolution Partners have traveled to cities around the country to pitch local governments on a plan to help underwater homeowners keep their homes.

Read more at the Las Vegas Sun

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California-Based Bank Takes Over Failed North Las Vegas Bank

California-Based Bank Takes Over Failed North Las Vegas Bank

A North Las Vegas bank that was seized by the Federal Deposit Insurance Corporation was back open Friday under a new name and new management.

Plaza Bank, based in Irvine, California, moved quickly to take over for First Commerce Bank.

It had people at the location at Washburn Road and Camino Al Norte early Friday morning.

According to Plaza Bank, customers will notice nothing different, except the name and some differences in what is available to them.

"We are a much bigger bank than First Commerce was. They were about a $20 million dollar bank. We are a $430 million bank," bank president and CEO Gene Galloway said. "We have a lot more products and services. We have a major bank location over on the west side on Flamingo, and we will continue to operate out of here in the short term."

The failure of First Commerce puts the total number of banks that have failed around the country so far this year at 15.

Passage of North Las Vegas Budget Raises Specter of Further Cuts

Passage of North Las Vegas Budget Raises Specter of Further Cuts

The financially troubled city continues its work to dig out of a big hole.

North Las Vegas City Council voted on Tuesday to approve more than $18 million of cuts to expenditures to balance its budgets for fiscal year 2014.

Read more at the Las Vegas Sun... Read More

I-Team: North Las Vegas Could Close Jail, Cut 100 Jobs

I-Team: North Las Vegas Could Close Jail, Cut 100 Jobs

NORTH LAS VEGAS -- 8 News Now has learned the North Las Vegas jail is only days away from a possible takeover by Metro Police that could result in up to 100 layoffs.

Sources tell the I-Team the city of North Las Vegas is working out a deal that would close its jail and move about 170 inmates to the Las Vegas jail. The potential move would be necessary because of a $33 million dollar budget shortfall in North Las Vegas.

United Way Launches Free Tax Service

United Way Launches Free Tax Service

The United Way of Southern Nevada wants people to keep more of their money.

The organization launched its “Earn It Keep It Save It” service Friday. The program offers free tax preparation services for people with a household income in 2011 of less than $50,000. The tax preparers are IRS-certified volunteers who are trained to find credits to maximize federal refunds

The first free event was held Friday morning at the Doc Pearson Community Center in North Las Vegas. The next big event for the program is set for Saturday, Feburary 11 at the Pearson Community Center. There will be several other events throughout the tax season until Tuesday, April 17. People interested in using the service can go to eksnv.org for more information.  

People Line up for Mortgage Modification Event

People Line up for Mortgage Modification Event

Las Vegas valley homeowners looking to modify their mortgages in an effort to keep their homes will have a chance over the next five days. Experts will be on hand at one of the country's largest loan modification events.

People started lining up Thursday morning as the Neighborhood Assistance Corporation of America or NACA kicked off its first day of a five-day free loan modification event. People who can't afford their mortgages can talk to lenders about changing the terms of their loans. The event starts at 8 a.m. and lasts through 8 p.m. at the Las Vegas Convention Center.