A new mortgage law is creating a major roadblock for people seeking home loans in Nevada.
It’s called [tag-tec]Assembly Bill 440[/tag-tec] and requires proof of income before the loan can be approved.
The problem for many in Las Vegas is that they make large portions of their livings from tips. And very good livings indeed.
(I just got back from spending five days there where I had many tipping opportunities because there were lots of people who took very good care of us).
This is just another example of government going too far. Sure the intention was good, but that’s all it is; a good intention gone bad.
Results are some banks could lose vital business and the real estate market could also be adversely affected;not to mention the bill could keep a lot of new homeowners from purchasing.
When will state legislators ever learn?