Nevada Senate passes new mortgage and unemployment insurance law

This past Saturday, the Nevada Senate approved new legislations that would keep payroll tax cuts from increasing and ensure that unemployment insurance does not expire at the end of the year. While the passing of the legislation is good news for the unemployed and employed alike, the Senate will be paying for a two-month extension for the insurance program, which will translate into higher prices for those looking to buy or refinance their homes. The bill establishes a new mortgage insurance fee, which is essentially an extra $15 monthly fee…

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Nevada in dire straights

Unemployment insurance is in dire straits in Nevada as the state continues to borrow money from the government to keep its unemployment benefits afloat. The situation is so severe that the benefit fund is not expected to recover until 2018. Reports suggest that the problem shows no sign of abatement as Nevada continues to experience jumps in its unemployment rate since November, 2010. The Employment Security Council raised unemployment tax on business by .77% in 2010, bringing the tax rate to 2% in an effort to offset the deficit. While…

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