In 2010, foreclosures in the Charlottesville area rose 225% over 2009. 2011 is expected to see even more foreclosures.
The bills sought to change the way property ownership is recorded, in an effort to bypass the controversial MERS, the Mortgage Electronic Registration System that banks use in lieu of holding physical notes.
Read the transcript of what happened in the Virginia House when MERS counsel William Hultman testified. Naked Capitalism's Yves Smith says
"The overwhelming majority of statements he made about matters that can be verified are either untrue or at best disingenuous."See her article, "MERS Exposed II: General Counsel Tells Whoppers in Testimony Before Virginia House."
Read the article about the bills fail here.
Read about the Ibanez Case, in which foreclosures were ruled null due to MERS impropriety. These cases will have a nation-wide impact on foreclosure proceedings.