News

Two major consumer organizations are urging Congress to enact a national “Homeowner Bill of Rights” to reduce foreclosures, “stabilize local housing markets, and protect homeowners.”

Pointing out how the lack of lender regulation helped cause the Great Recession, and that lenders have been reluctant  “to engage in good-faith loss-mitigation before beginning the foreclosure process,” — the Center for Responsible Lending and Consumers Union issued a joint policy brief they say can both protect homeownership without putting undue burden on lenders.

The proposal takes into account other regulations — such as California’s Homeowner Bill of Rights and the Consumer Financial Protection Bureau’s new lending rules.

In case you don’t remember, the housing crisis we’re finally getting out of was caused by, at its core, people getting mortgages they couldn’t afford. Blame the borrowers, blame the lenders, whatever — that was the root of it all.

That was the sub-prime market: loans to people who didn’t have great (aka “prime”) credit. And that’s why we have all these new rules and regs and requirements: to prevent people — many of whom didn’t know any better — from borrowing more than they can afford. (Or at least shielding taxpayers from lenders willing to take the extra risk on those people.)

To help fight homelessness in Virginia, Governor Bob McDonnell has announced three grants that will create 19 new housing units for homeless and disabled people.

The grants (which come from a “special funding allocation” of the governor’s 2013 budget) total an even $1 million. They’ll go to apartment complexes in Fairfax County, Gloucester County, and Newport News.

In 2008, Virginia had an estimated 1,166 homeless families — about 3,600 homeless people — mostly in Fairfax County, Virginia Beach, Norfolk, and Arlington County.

Last November, the Virginia Chamber of Commerce launched Blueprint Virginia, a year long initiative to develop a strategic plan that will improve Virginia’s competitive position in the global economy and ensure a prosperous and sustainable future. Virginia Chamber President and CEO Barry DuVal has been traveling across the Commonwealth in recent months to gain valuable stakeholder input on regional economic priorities.