Some straightforward legislation moving through the General Assembly this session presents a refreshing measure of clarity amid the housing mess. Companion bills sponsored by Sen. Donald McEachin and Del. Jennifer McClellan -- known collectively as the Trust in Lending Act -- would place a legal duty on mortgage brokers to act in the best interests of their clients, just as doctors, lawyers, bankers, and other professionals are expected to. It is astounding that brokers are not already held to this utterly reasonable standard.Read the entire opinion here.
Language in the proposed statute is unusually simple, requiring a mortgage broker to "act in the borrower's best interest and in the utmost good faith toward the borrower" and to "make reasonable efforts to secure a loan that is in the best interests of the borrower." Connie Chamberlin, president of Housing Opportunities Made Equal, wrote on our Op/Ed page yesterday about the problems that can arise when brokers betray the trust of their clients.
Thursday, January 29, 2009
Senator McEachin working to regulate mortgage brokers
From the Richmond Times Dispatch:
Friday, January 23, 2009
VDOT announces opening of new Charles City County bridge
In a press release on January 23, 2009, the Virginia Department of Transportation announced the opening of the new Route 5 bridge over the Chickahominy River.
The Virginia Department of Transportation (VDOT) will open the new Route 5 Judith Stewart Dresser Memorial Bridge over the Chickahominy River to vehicle traffic Saturday, Jan. 24—approximately seven months ahead of schedule. The structure replaces the aging 70 year old swing span bridge.* * *
A major transportation artery connecting Charles City County to James City County, the new fixed-span bridge will carry more than 3,500 vehicles per day. It is 2,550 feet long, 56 feet wide and 52 feet high, allowing uninterrupted travel for both drivers and boaters. It features two 12-foot travel lanes and two 10-foot shoulders.
The new bridge is also a critical component of the Virginia Capital Trail—a 54-mile, mixed-use path between Jamestown and Richmond that parallels Route 5. It will allow bicyclists and pedestrians to cross the Chickahominy River via a 10-foot walkway separated from vehicles by a concrete median. The walkway on the bridge is expected to open by summer 2009.
Thursday, January 22, 2009
Senator McEachin on the inauguration of Barack Obama
This week has been a dream come true. Even as I sat in the Virginia State Senate, honored to serve the citizens of our great Commonwealth, Barack Obama took the oath of office, promising to serve all the citizens of our great nation. I know he will be a great president and that, with him as our leader, this country will rise to its potential and achieve its greatness.
President Obama has many problems ahead of him and two of the most critical are fixing the economy and addressing our environmental crisis. He has challenged all of us to rise to the occasion and to do what we can to make a difference. With this in mind, I have introduced the Omnibus Energy Efficiency Bill to not only create green jobs, but to promote our energy efficiency. For too long we have heard that we need to bundle up, put on more sweaters, only wash our dishes or dirty clothes in the middle of the night, turn off our air conditioning and drink cold water instead. I don’t want to diminish these activities; as energy conservation measures they play an important role in reducing peak usage and helping to eliminate strain on the energy grid which can create brown outs or even blackouts. But, to really make a difference, we need to reduce the overall amount of energy consumed, not just spread it to different times of day or days of the week. My bill ensures that, for companies to receive credit for achieving energy efficiency goals, they must truly be energy efficient, that is, use less energy, not just change behavior and encourage conservation.
This legislation will accomplish that by requiring utilities to create a plan that will reduce their energy consumption 19% by 2025. Governor Kaine’s highly esteemed Climate Change Commission recommended this numerical reduction. If utilities do not abide by this mandate, they will be forced to pay money into a fund that will then help them get there.
By reducing consumption, we will also reduce the need to build new utility facilities, saving us from the Earth scarring and pollution of coal powered plants. Now, utilities get a favorable rate of return from building coal plants which, of course, gives them an incentive to do so. This legislation create economic incentives for them to become energy efficient by giving them the same rate of return as building the plant. Financially, utilities will benefit from becoming energy efficient instead of only benefiting by creating more energy, and therefore more pollution and more harmful climate change.
The legislation will also create incentives for weatherization and for customers to use energy efficient products. As the demand for these goods and services grow so will green jobs, good, well-paying jobs that benefit the environment and create a healthier earth while giving families needed income.
Like President Obama, Governor Kaine has spoken of the importance of addressing our climate crisis, creating green jobs and protecting our earth. Several of my Democratic colleagues have also introduced legislation that hopes to achieve some of these goals. I look forward to working with them, as a team, to help President Obama create a better America and right here in Virginia, to create a better, stronger, healthier Commonwealth.
As we begin this bright new future, please know I am here to serve you, More information about this Session of the General Assembly can be found on my website, www.DonaldMcEachin.com. Also, please feel free to contact me with any issues or questions that concern you. I can be reached at my State Senate office at district09@senate.virginia.gov or by phone at 804.698.7509. Thank you again and let’s all celebrate this new beginning.
President Obama has many problems ahead of him and two of the most critical are fixing the economy and addressing our environmental crisis. He has challenged all of us to rise to the occasion and to do what we can to make a difference. With this in mind, I have introduced the Omnibus Energy Efficiency Bill to not only create green jobs, but to promote our energy efficiency. For too long we have heard that we need to bundle up, put on more sweaters, only wash our dishes or dirty clothes in the middle of the night, turn off our air conditioning and drink cold water instead. I don’t want to diminish these activities; as energy conservation measures they play an important role in reducing peak usage and helping to eliminate strain on the energy grid which can create brown outs or even blackouts. But, to really make a difference, we need to reduce the overall amount of energy consumed, not just spread it to different times of day or days of the week. My bill ensures that, for companies to receive credit for achieving energy efficiency goals, they must truly be energy efficient, that is, use less energy, not just change behavior and encourage conservation.
This legislation will accomplish that by requiring utilities to create a plan that will reduce their energy consumption 19% by 2025. Governor Kaine’s highly esteemed Climate Change Commission recommended this numerical reduction. If utilities do not abide by this mandate, they will be forced to pay money into a fund that will then help them get there.
By reducing consumption, we will also reduce the need to build new utility facilities, saving us from the Earth scarring and pollution of coal powered plants. Now, utilities get a favorable rate of return from building coal plants which, of course, gives them an incentive to do so. This legislation create economic incentives for them to become energy efficient by giving them the same rate of return as building the plant. Financially, utilities will benefit from becoming energy efficient instead of only benefiting by creating more energy, and therefore more pollution and more harmful climate change.
The legislation will also create incentives for weatherization and for customers to use energy efficient products. As the demand for these goods and services grow so will green jobs, good, well-paying jobs that benefit the environment and create a healthier earth while giving families needed income.
Like President Obama, Governor Kaine has spoken of the importance of addressing our climate crisis, creating green jobs and protecting our earth. Several of my Democratic colleagues have also introduced legislation that hopes to achieve some of these goals. I look forward to working with them, as a team, to help President Obama create a better America and right here in Virginia, to create a better, stronger, healthier Commonwealth.
As we begin this bright new future, please know I am here to serve you, More information about this Session of the General Assembly can be found on my website, www.DonaldMcEachin.com. Also, please feel free to contact me with any issues or questions that concern you. I can be reached at my State Senate office at district09@senate.virginia.gov or by phone at 804.698.7509. Thank you again and let’s all celebrate this new beginning.
Friday, January 9, 2009
Bill seeks to protect homebuyers in Virginia
From the Richmond Times Dispatch:
Two Richmond-area lawmakers are proposing legislation to make it harder for mortgage brokers to cheat buyers.Read the entire article here.
Sen. A. Donald McEachin, D-Henrico, told a news conference yesterday that mortgage brokers in 2006 were originating 45 percent of all mortgages and 72 percent of all subprime loans.
Defective subprime loans are the major source of the wave of foreclosures in Virginia and the nation, he noted.
He and Del. Jennifer L. McClellan, D-Richmond, introduced the "Truth in Lending" bill yesterday.
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