Adjourning in Memory of Mitch Van Yahres

By: James Martin
Published On: 2/13/2008 4:46:47 PM

On Monday, February 11, 2008, Senator Deeds asked for a point of personal privilege on the Senate floor to ask that they adjourn that day in memory of former Delegate Mitch Van Yahres (D-Charlottesville) who passed away the previous Friday.


Comments



Deeds newsletter (Lowell - 2/13/2008 5:07:23 PM)
Dear Friends,

The first half of the 2008 legislative session is now over. At the end of last night work on all bills--excluding the budget--introduced in either the House of Delegates or the Senate had to be completed so the other chamber may consider them. Here in Richmond it was called "Crossover Day" and next week I will update you on where my legislative proposals stand and the work ahead of us.

Spending Cuts, Not Tax Increases to Cover Budget Shortfall. Yesterday we received news that due to the national economic downturn Virginia faces a budget shortfall of nearly $1.4 billion through the 2010 fiscal year. Governor Kaine released a comprehensive strategy for addressing the anticipated budget shortfall with targeted reductions in funding for state programs, across-the-board cuts in state agency budgets, and the use of bonds to fund some building projects across the Commonwealth. He also proposed making a larger withdrawal than previously expected from the Revenue Stabilization Fund, the so-called "Rainy Day Fund."

In the coming days I will be reviewing the Governor's proposal and working with the leadership in the Senate and the members of the Finance Committee to close this budget shortfall while maintaining core state services in public safety, education and health care.

Our challenge is to set priorities for state spending and to make the tough choices that will keep Virginia on the path of fiscal responsibility and economic growth. Governor Kaine's proposal does not include any tax increases, and I support that approach: our economy moves in cycles and I believe our current tax structure is one of the reasons Virginia has been a leader in providing essential services while remaining the best state to do business.

Many of you know that we've been through similar times before. In 2004, I was proud to work with Governor Mark Warner and a bi-partisan coalition in the General Assembly to reform our budget and make essential investments in K-12 and higher education, transportation, and public safety. Tough times require leadership, a spirit of cooperation and the willingness to make hard decisions. My colleagues and I are ready to meet this challenge.

Sub-Prime Mortgage Reform Fails in Committee. On Monday I was disappointed that my proposal to bring necessary reforms to the sub-prime mortgage industry failed to report out of the Senate Commerce and Labor Committee. The bill I introduced would have required lenders to offer homeowners the best loan for which they qualified and prohibited lenders from steering them into a loan that was profitable for them, but not the homeowner. I also proposed provisions eliminating prepayment penalties that trap homeowners in loans that force them into bankruptcy--preventing them from refinancing their mortgage to save their family's finances--and ending hidden costs and fees that don't come due until after a homeowner is locked into a loan they were told they could afford.

At the eleventh hour, I made an attempt to bring together both sides by proposing only two elements of the original bill: penalties for fraudulent mortgage lending practices and requiring background checks for anyone with access to a homeowner's personal financial information. The bill, SB 258, was referred for further study and I expect to reintroduce similar legislation next year.

On the Passing on former Delegate Mitch Van Yahres. I would like to close this week's update with the words I spoke on the floor of the Senate on Monday when I requested that we adjourn in memory of a good friend and colleague, Mitch Van Yahres:

"Mr. President, Ladies and Gentlemen of the Senate. On Friday afternoon about six o'clock Mitch Van Yahres died. A more kind, gentle, jovial fellow never walked this hall. Mitch was the champion for the damned and desperate, the downtrodden, the forgotten, and the unpopular. He was a man of the people; he was a fighter to the end. He never quit; he never gave up. He was a happy warrior. I ask that when we adjourn today we do so in the memory of Delegate Mitch Van Yahres."

Click Here to view a video of my remarks on the Senate floor.

Very Truly Yours,

Senator Deeds



Why did the lending bills fail? (Teddy - 2/13/2008 5:51:43 PM)
What happened that the bankers and finance industry managed to kill the reasonable-sounding reform bills that Senator Deeds introduced? As a Realtor, I have found that nefarious long-lived pre-payment penalties on loans have been a problem in the past, but I thought they had pretty much vanished from the market. Sounds odd to me that a Democratic Senate would kill the bills, or am I naive to suppose the Main Street Boys and mighty banks of the Commonwealth would not have as much influence with the Democrats as they notably have had with Republicans?


This is very disappointing (dsvabeachdems - 2/13/2008 6:21:48 PM)
What I want to believe is that they do not understand the issue rather than they knowingly succumbed to influence. Overhearing a conversation between a new delegate and a constituent last month, I was impressed by the fact that there is so little understanding of business and economics in a culture dependent upon them. It is hard to support change when you don't know what it means. The status quo can always be blamed on our predecessors.

I agree with you, Teddy.



Thanks, but (Teddy - 2/13/2008 6:34:33 PM)
past experience several years ago when dealing with the Assembly on questions of banks getting into the real estate business (where they invariably make lousy business decisions) leads me to suspect they told the uneducated legislators that passing the bills would "dry up" out of state money in Virginia.  Since Virginia is a capital-importing state, this scared the legislators. And, I also wonder if the real estate trade associations did not push the bills because some of their members own stock in local banks. Ahem.