Obama won't sign foreclosure challenge bill
source: http://www.msnbc.msn.com/id/39556377/ns/business-real_estate/
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- Future_America
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President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said on Thursday.
White House communications director Dan Pfeiffer said Obama was sending the bill back to the House of Representatives for further discussion of how it would affect the foreclosure crisis, which has become a political lightning rod amid media reports that banks acted improperly to evict struggling borrowers.
"We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized," Pfeiffer said in a blog posting.
The bill would have required courts to accept all out-of-state notarizations, including those stamped en masse by computers in a practice that critics say has been improperly used to expedite foreclosure orders.
False notarizations figured in disclosures that GMAC, JPMorgan and other big mortgage processors filed false affidavits in thousands of cases, part of the wave of foreclosures that came in the wake of the financial and economic crisis.
The bill, passed by the House of Representatives in April, seemed destined to die with no action on it in the Senate Judiciary Committee. But on September 27, the day before the Senate recessed for the midterm election campaign, it was rushed through and passed by the full Senate.
Passage of the bill caught homeowners' advocates, including lawyers and some state officials, by surprise.
More @ link
White House communications director Dan Pfeiffer said Obama was sending the bill back to the House of Representatives for further discussion of how it would affect the foreclosure crisis, which has become a political lightning rod amid media reports that banks acted improperly to evict struggling borrowers.
"We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized," Pfeiffer said in a blog posting.
The bill would have required courts to accept all out-of-state notarizations, including those stamped en masse by computers in a practice that critics say has been improperly used to expedite foreclosure orders.
False notarizations figured in disclosures that GMAC, JPMorgan and other big mortgage processors filed false affidavits in thousands of cases, part of the wave of foreclosures that came in the wake of the financial and economic crisis.
The bill, passed by the House of Representatives in April, seemed destined to die with no action on it in the Senate Judiciary Committee. But on September 27, the day before the Senate recessed for the midterm election campaign, it was rushed through and passed by the full Senate.
Passage of the bill caught homeowners' advocates, including lawyers and some state officials, by surprise.
More @ link
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Proud_Progressive
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Holy crap, Obama did something for the people.
- 1 year ago
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Proud_Progressive
