The state government should not use its bonding authority to bail out upside-down homeowners, according to the official who oversees the Nevada government’s housing agencies. Mendy Elliott, director of the Department of Business and Industry, was asked by a legislative subcommittee to look into the possibility of using bonds to help homeowners who owe more on their mortgages than the homes are now worth, following a major housing market correction.The idea was to see if money raised through bond issues could be used to help such homeowners refinance.“She recommended against it basically because it would be imprudent for the state to take on that unsecured risk,” said Elisabeth Shurtleff, spokeswoman for the department. Elliott also told lawmakers that such a program could put the state’s bond rating at risk, Shurtleff said.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
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Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
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It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
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Photos from The Bond Buyer's Texas Public Finance conference.
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The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
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"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
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