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Mo. measure nullifies local foreclosure ordinances

JEFFERSON CITY, Mo. (AP) -- Missouri Gov. Jay Nixon is allowing a state law to take effect that will nullify foreclosure mediation ordinances in St. Louis city and county.

Nixon announced Friday that he would neither veto nor sign the bill. The governor's lack of action means the bill will take effect as law on Aug. 28.

The measure makes real estate loans subject to only state and federal laws.

It's intended to overturn local ordinances that require mandatory mediation between lenders and homeowners before foreclosures.