The Miami Herald reported that  Bill SB230 which we reported was introduced in January, died in Committee yesterday. Supporters of the idea saw it as a forward thinking way to save both creditors (and ultimately debtors) a substantial amount of money in the foreclosure process. But the legislators did not agree.

Ironically, the Daily Business Review who has a lock on foreclosure notices in Dade, Broward and Palm Beach Counties and is owned by foreign investors and banks (Apax Partners in London and The Royal Bank of Scotland), stands to benefit most by preserving an estimated $5-$10 million in foreclosure notice revenue. So our elected politicians, who are dependent on endorsements from local newspapers, help preserve an antiquated revenue stream for newspapers. That revenue stream is paid for by those too destitute to pay for their homes. No wonder Florida politicians have a ridiculously low 33% approval rating according to a recent poll.

The Herald writes: "A plaintiff in a foreclosure case may have to publish a legal notice if a defendant "cannot be found for personal service" or to give notice of a sale, according to committee analysis."