“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.”
Not sure if anyone is getting this. By forcing mortgage companies not to foreclose (legally) you are tearing down the mortgage industry. Which I guess will mean that you will be buying homes from the government eventually.
Gee, didn’t see this one coming.
This bill would shut down the entire housing system.
Thanks for that great explanation, dennisw.
But I’m still confused about this bill - it seems to me that what it was intended to do was accept as genuine and definitive the endorsements that existed on the documents at the time of the foreclosure, thus resolving the title issues and making it possible to proceed (foreclose, sell, or whatever).
So it doesn’t seem to me that Obama is doing anybody any favors in vetoing it. The bill received unanimous support from Congress because it was seen as something that would make the situation easier to resolve, but once again Obama is acting to make title something that is unclear and in fact, tenuous and uncertain, existing solely at the discretion of the government (which will ultimately become the owner of the houses).
I agree that the system may not have been good, but it seems to me that the bill was an attempt to simply stabilize things at a certain point and then move ahead.
As a home owner and soon to be refinancer, I must disagree. Let's get to the basic issue here, the rule of law. To me this law is equivalent to Congress passing a law the home owners are only obligated to pay their mortgage with a copy of dollar bills.
The mortgage industry ignored the law in persuit of profits. Now that the money-merry-go round has stopped, the mortgage industry wants Congress to change the law. If the mortgage industry is being torn down it is their own doing. Conservatives should ask their Republican Congressmen just why they voted for this bill.