Well, if the Kenyan Clown does veto this loathesome and stupid bill, it will literally be the first action that he has taken will occupying the Oval Office that I approve of.
Much to my shock, I agree with Pres. Obama on something.
Oops... wrong date... it should be 10/8/10, not 9/8/10. Sorry...
“The vetoed bill, written by Rep. Robert Aderholt (R., Ala.), moved through Congress without attracting much attention and appears aimed at a much broader target than the foreclosure process. It would have required state and federal courts to accept documents of many different kinds that are notarized by people or computers in other states. The House passed the bill in April by “voice vote” and the Senate passed it unanimously Sept. 27.”
ONce again, it’s not what it seems, and sounds like the bill is being totally misunderstood.
I reckon that Obama will misrepresent the intent of the bill and insinuate that the republicans are backing the banking industry.
No wonder we hate Congress....
BTW...the idiot vetos a bill that passed unanimously? Tell me this anything but politics.
It will be costly to repair and it will hurt the housing market.
But how do we fix it? Are pocket vetoes, moratoriums and investigations the solution? Or do we pass constructive legislation to solve the problem?
At some point, Congress better start to understand the intense damage that it does when calling for moratoriums and investigations, not to mention a pocket veto of legislation to fix a problem with Title transfers. Congress and the Administration knew about this problem back in 2007 but chose ignore it (the Deutsche Bank and Ohio default cases).
Obama and Congress should not be acting as Robocop seizing the opportunity to slow down foreclosures even more. This is will add greater uncertainty in the housing and mortgage markets at a time where we need to be restoring confidence. Not to mention that this will be extremely costly to banks which are in poor shape to begin with.
Of course, there is no mention of Fannie, Freddie and the FHA that were aware of the document and Title issue, yet chose to purchase and insure trillions of dollars of mortgages without examining or spot-checking to see if the Title exists. They continue on their merry ways under the banner of “stabilizing the housing market” while at the same terror terrifying investors and adding uncertainty to the housing market.
Notice that the moratorium and investigations do not require that the GSEs cease purchasing and insuring loans which may have document defects. Instead, the Robocop solution is to halt foreclosures but permit the government to intervene in terms of mortgage purchases and insurance. Of course, this is the government’s main agenda: keep people in their homes at all costs – to the banks and taxpayers. And that cost is growing at breakneck speed.
Someone is going to have to pay for the lost income to the banks (since moratoriums could last for several years) and the decline in mortgage securities caused by the failure to pass the Robo Legislation and the calls for moratoriums and investigations.
Why didn’t the government fix this problem back in 2007 when it surfaced?
Cool~
the ‘mortgage backed securities’ industry
is bad for our country.
this is a bad bill
Senate staffers familiar with the judiciary committee's actions said the latest one passed by the House seemed destined for the same fate. But shortly before the Senate's recess, Judiciary Committee Chairman Patrick Leahy pressed to have the bill rushed through the special procedure, after Leahy "constituents" called him and pressed for passage.
http://market-ticker.org/akcs-www?post=168500
HR 3808: You Must Veto It
Posted 2010-10-07 11:58
by Karl Denninger
(Snip)
Now the banks are at it again, and they will once again abuse the law.
Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless.
This law will force every other State in the Union to accept that signature even though it signifies nothing.
Notarization is an extremely important legal protection. It provides verification that the person who is alleged to have signed a document in “wet ink” actually did so, and actually made a personal appearance in front of the Notary.
Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function.
We must not allow “foreclosure mills” - or any other scheme - to destroy these protections. HR 3808, while appearing to be innocent and intended to promote commerce, will instead promote and elevate fraud through our financial and land title system.
For this reason you must not sign it.
Update: Report on CNBC now that it will be “pocket vetoed”; since Congress is not in session this effectively kills the bill, since Congress cannot vote to override it, unless Congress was to call itself back into session prior to the expiration of October 10th - which looks darn unlikely.
for later
The republican senators got snookered on this bit of political theater. Are there any US Senators at this point who are both honest and mentally competent?
****President Barack Obama plans to veto a bill whose opponents say would make it harder for homeowners to stop foreclosures.*****
This sentence has so many negatives that it is beyond my math or English capabilities to comprehend.
I Think it means that Obama wants more people to be able to stay rent free in homes they can’t afford, compliments of the banks that Gave them their mortgage, but I’m not sure.
Robosigning violated the notary laws, so this bill had nothing really to do with that. This bill allowed paperwork LEGALLY NOTARIZED (lawfully notarized) in one state to be used in courts in another state.
Obama vetoes because he hates business and wants his lefist buddies and voters to be able to stay in their homes they aren’t paying for for another month. Without this law, they can force the big banks to parcel out their foreclosure paperwork to all 50 states, so that they can sign the paperwork in the presense of a notary in the state they have to file in.
But even if this bill was signed, it wouldn’t make illegal notary papers legal. You’d still have to go back and get the signatures done in front of a notary (unless of course there is a state where it is actually LEGAL to get a notary signature without a phsyical presence — anybody know of such a state)?
Sweeet!
Socialism is grand for some.
Can I get someone to pay my mortgage payment???
For later.
Lots of fraud by the banks and the buyers. Little real trust.