You have to be able to have a point at which you can accept things as valid unless there is evidence to the contrary. If you can’t accept out of state notarizations as valid simply because they are out of state, where does that leave interstate commerce?
Every state has its own particular requirements for notaries and notarization, but that doesn’t make them illegal or illegitimate or fraudulent.
Cases of fraud must be investigated individually and an out of state notarization is no evidence of fraud in itself.
“If you can’t accept out of state notarizations as valid simply because they are out of state, where does that leave interstate commerce?’
The question is who wrote this bill. We know Congress didn’t. Most likely it was a lawyer with ties to one of these big banks.
So who would benefit from this bill? The criminals that led us into this mess.
I agree out of state notarization isn’t evidence of fraud. It certainly makes it easier for the banks to get away with it though.
The white house announcement on this promises indirectly that there will be a bill, but it will be enormously complex, screw over businesses, pay off his constituency, and make our economy worse.
“As the President has made clear, consumer financial protections are incredibly important, and he has made this one of his top priorities, including signing into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. That is why we need to think through the intended and unintended consequences of this bill on consumer protections, especially in light of the recent developments with mortgage processors.”
Given that the “wall street reform” just screwed over business without helping consumers, why would anybody trust that they will do any better “fixing” this trivial bill? Why not go after the real problem of mortgage securities, rather than mess up a simple bill that streamlines interstate commerce?