LOUDOUN, Va. -- Democratic candidate for governor of Virginia Brian Moran unveiled a homeowners' bill of rights to work with the Obama administration's $275 billion plan to stem the wave of foreclosures, according to Virginians for Brian Moran.
Moran's proposals would help homeowners stay in their homes, stop deceptive loans and protect home values in neighborhoods, he said.
The bill of rights listed four points:
- Banning the worst deceptive lender practices, such as predatory lending and deceptive mortgages that strip people of home equity.
- A 90-day moratorium on foreclosures to give homeowners a chance to catch up on their delinquent payments.
- More education for borrowers to help them avoid scams.
- Protecting neighbors and renters by having owners of foreclosed homes maintain the properties to reduce neighborhood blight.
"We can't wait and expect the crisis homeowners are facing to go away," Moran said. "Urgent action is needed now because the family dinner table is in jeopardy, literally. I’m going to fight hard to enact this bill of rights on day one as governor."
The bill of rights complements Obama's plan to provide new funding to stabilize home ownership and loan modifications for those facing foreclosure by focusing on regulatory reform, education and homeowner protection, according to Moran's campaign.
Virginia ranked 11th in foreclosures in 2008 after ranking 25th in 2007. About 5,000 foreclosures were filed in Virginia in January.