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.
“Conservatives should ask their Republican Congressmen just why they voted for this bill. “
That was my thinking also.
This bill deals with the legitimacy of out of state notarizations. No notarization obtained in an illegal form can be accepted, and the bill does not propose any change to this rule.
The problem is that some states did not accept out of state notarizations (some did) and the purpose of this bill was to make interstate law harmonious on this and agree that states would accept notarizations between them.
Otherwise, it will be impossible to do anything with these houses: not only foreclose on them, but sell them or buy them, because residents of particular states will dispute notarizations done in other states.
Naturally, a lot of the properties affected are those owned by big interstate banks that bought and sold blocks of mortgages for mortgage backed securities, but this does not mean that the banks were doing anything fraudulent.
I think the whole procedure was unsound, but the point now is to do something to enable sales, purchases and foreclosures to go ahead without the specter of somebody in some state finding a technicality (out of state notarization) that would prevent it.