Your recent editorial entitled “LePage wins veto, but Maine families lose” lacks a recognition of Maine law and court rules governing the foreclosure process.

It assumed that L.D. 145, a bill to require that lenders show proof of ownership before starting foreclosure proceedings, would have provided a new consumer protection. The fact is that Maine foreclosures must be handled by the courts, and no foreclosure can be finalized without a judge accepting the lender’s ownership certification.

Proof of ownership enhancements were put into Maine law in 2009, and a 2011 law allows the court to levy penalties against any lender not acting in good faith during the foreclosure process. These laws, along with Maine’s foreclosure prevention programs and the state’s settlement with large out-of-state mortgage servicers, made L.D. 145 not only duplicative but unnecessary.

L.D. 145 would also add additional delays to Maine’s lengthy foreclosure timeline of 420 days, considered one of the longest in the nation. Extended foreclosures reduce property values and delay the housing recovery. Your own property value has likely decreased partially because there are foreclosed homes in your town or neighborhood. Maine’s housing recovery will continue to be delayed because potential home buyers wait on the sidelines for a foreclosure deal to come along.

We thank Gov. LePage, his staff and lawmakers who opposed L.D. 145 for evaluating the bill in the framework of current Maine law and the bill’s likely negative impact on most Mainers. Our member banks are committed to ensuring that our state’s foreclosure process protects consumers without jeopardizing future home ownership and economic prosperity for all Maine citizens.