Sen. Donald McEachin, D-Richmond, Sen. Chap Petersen, D-Fairfax, and Del. Bob Marshall, R-Prince William, joined forces Monday to roll out legislation they're each carrying to provide more oversight to the foreclosure process in Virginia.
Marshall 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 and they’re not lost in a sea of Wall Street investments. His bill would extend the notice a homeowner is given on a pending foreclosure beyond the current 14 days.
Peterson wants to provide civil penalties for the use of fraudulent documents in foreclosure proceedings in the wake of the “robo-signing” scandal to prevent what he called "drive-by foreclosures."
Meanwhile, McEachin wants to require banks to go through the courts during foreclosure proceedings to provide more oversight over the process.
McEachin and Marshall acknowledged their divergent ideologies at news conference Monday, with McEachin introducing Marshall as "my good friend — although I know you all don't like to believe that." Marshall assured the crowd that they would resume their hostilities as soon as the news conference was finished.