What is it going to take to end rule by banksters? If Virginia is any sign, voters may need to adopt a policy of “Leave No Incumbent Standing” until legislators get the message.
The Virginia House effectively sidetracked several pro-consumer mortgage bills, including one that would have given borrowers more time to mount defenses in light of Virginia’s unusually fast foreclosure process, as well as an bill that would have ended the economic justification for MERS by requiring all mortgage transfers to be registered at the local courthouse.
The mechanism for deep-sixing the bills was relegating them to an obscure panel for further study.
From the Associated Press:
A state House subcommittee voted Monday to effectively kill legislation that would have slowed the pace of home mortgage foreclosures in Virginia that is among the fastest in the nation.
With one dissent on an unrecorded show-of-hands vote as the powerful banking lobby looked on, a Commerce and Labor subcommittee sent the bills for more study by an obscure gubernatorial task force.
The action included all House bills addressing what Sen. Chap Petersen, D-Fairfax, calls “drive-by foreclosures.”
Delegate Bob Marshall’s bill, which was before the 11-member panel, would have extended the foreclosure notice requirement from 14 days to 45. It would also require that loan and property records be recorded in local courthouses.
“What you saw in there was government of the banks, by the banks and for the banks,” Marshall, R-Prince William, said afterward.