Vote Effectively Kills Bills to Slow Pace of Foreclosures in VA

A House subcommittee voted Monday to effectively kill bills that would have slowed Virginia's fast pace of foreclosures.

With one dissent on an unrecorded show-of-hands vote as the potent banking lobby watched, 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."

Republican Sen. 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.

Marshall called Monday's vote "government of the banks, by the banks and for the banks."

©2011 The Associated Press. All rights reserved.


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