The bill intend to loosen the state and local requirements for notarized documents used in the foreclosure process. It means banks who improperly filed affidavits and not sign the documents in the presence of a notary can now submit waive this requirement. Legal documentation procedures exist to protect all parties from false witness or fraud. The bill would allow the feds stepped in and legally bailout the banks when they were caught short cutting the process. This is a bad bill and the GOP is stupid to allow a member to sponsor it. The only that saves the GOP is many Dems supported it via voice vote.
The bill may seem like justice to save the banks from a technical challenge from homeowners who stop paying and trying to get out of foreclosures, but it also protects banks from being held accountable for sloppy and improper documentation if a homeowner has a dispute with the bank on other mortgage matters such as who is responsible for the lost title in the MERS. Lost titles is the next mortgage volcano to explode as the electronic exchange was designed to collect fees, collect payment from buyers and pay sellers as the mortgage notes are sold like stocks on an exchange. Wall Street is good at paying and collecting fees but recent disclosures indicate they were poor and sloppy at transferring essential property documents as the mortgage changed hands electronically.
Thanks, you did a much better job of explaining this than I did :).
I don’t see how allowing lawful notary from one state to be used in courts in another state helps with the problems of the MERS system, which is that they have lost track of who owns what. You can’t get a lawful notary for a paper you don’t actually have in your possession.