Moran Launches His Government Foreclosure Prevention Scheme

A Democrat competing to become the next governor of Virginia has vowed to launch what he calls an effective government foreclosure prevention scheme to keep troubled Virginian families in their homes.

Brian Moran, a former state lawmaker from Fairfax, said the current government foreclosure prevention schemes are not adequate. He insisted that the battle against the flood of foreclosures should be done on all fronts.

The gubernatorial candidate vowed that if he wins the gubernatorial race this year, he will stop the flood of foreclosures by banning predatory lending, imposing a three-month freeze on homes named in foreclosure filings, increasing home ownership education for mortgage borrowers and requiring lenders to notify renters at least two months before filing foreclosure cases.

Moran is vying to become the Democratic candidate to fight the lone Republican candidate, Attorney General Bob McDonnell. Moran resigned last month from the state General Assembly to focus on his campaign.

The other two Democratic candidates are State Senator R. Creigh Deeds and newcomer Terry McAuliffe, who was Hillary Clinton’s spokesperson during her presidential campaign.

Moran launched his proposed government foreclosure prevention scheme in front of a foreclosure house in Hampton Roads, considered one of the crucial battlegrounds in the Democratic primary race.

The two other candidates McAuliffe and Deeds also made special visits to Hampton Roads.

In many suburbs of Washington, the real estate downturn caused a lot of foreclosures mainly due to excessive increases in home prices in the suburbs during the housing boom.

Moran also said he would work to provide military members a three-month period to sort out foreclosure problems following their return from their deployments.

When asked how he would implement his government foreclosure scheme, he said he would introduce the details of his proposal during the General Assembly session in 2010 and through an executive order.

Meanwhile, Deeds has shown how he would help solve the foreclosure problem by sponsoring a bill earlier this year to charge with misdemeanor lenders found to have provided mortgage loans in a deceptive and misleading manner.

A spokesperson for McAuliffe said the gubernatorial candidate is also concerned with foreclosed homes, but has not launched his own government foreclosure prevention proposal because the newly elected governor would not assume office until early 2010.

The spokesperson added that McAuliffe hopes that federal and state government foreclosure prevention programs and other schemes administered by nonprofit programs are enough to help distressed Virginian homeowners in the meantime.

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