House subcommittee quashes foreclosure bills

[mahatmakanejeeves]

Incredibly, Bob Marshall had this one right. Even a stopped clock....

House subcommittee quashes foreclosure bills

By: David Sherfinski 01/24/11 7:38 PM
Examiner Staff Writer

A House subcommittee on Monday effectively killed legislation that would have slowed Virginia’s foreclosure process, including one from Del. Bob Marshall, R-Prince Willaim, that would extend the notice a homeowner is given on a pending foreclosure beyond the current 14 days.

“This assembly should have acted now,” Marshall said. “I’m not asking to solve every problem with respect to .”

Marshall also wants banks to maintain mortgage records with county Clerks of Court, rather than a private electronic database, to ensure that homeowners know who owns their mortgage.

Marshall had broken with the banking lobby, as well as with House Speaker Bill Howell, R-Stafford, in his support of the bill.

Sens. Chap Petersen, D-Fairfax, and Donald McEachin, D-Richmond, have introduced separate legislation that would slow what Petersen calls "drive-by" foreclosures and which remain alive in the General Assembly.