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.
Find later