Dla członków WP

fertieg18

CNBC is calling the legislation a bailout.

Tags | 2010, Barack Obama, Democrats, economy, Republicans

The bill, passed without public debate in a way that even surprised its main sponsor, Republican Representative Robert Aderholt, requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.
She said it was “suspicious” that the law unexpectedly passed just as the mortgage industry is facing possible big costs from having filed false or improperly notarized documents.

In related outrage,[link widoczny dla zalogowanych], the foreclosure nightmare is starting to see the daylight of impending doom. From the Washington Post:
Ohio Secretary of State Jennifer Brunner told Reuters in an interview that the law would weaken protection of homeowners by requiring many states to accept lower standards for notarizations.

Democrats have some explaining to do. The title says it all: Foreclosure Cover for Banks Seen in Bill at Obama’s Desk:

For big banks, “there’s a possible nightmare scenario here that no foreclosure is valid,” said Nancy Bush, a banking analyst from NAB Research. If millions of foreclosures past and present were invalidated because of the way the hurried securitization process muddied the chain of ownership, banks could face lawsuits from homeowners and from investors who bought stakes in the mortgage securities – an expensive and potentially crippling proposition.
They think you’re stupid and won’t notice.
The U.S. Congress has become the most toxic,[link widoczny dla zalogowanych], incompetent, grossly negligent,[link widoczny dla zalogowanych], and corporate enabling entity in the world. Pres. Obama should veto this legislation without hesitation.
The White House said it is reviewing the legislation. [...]
h/t memeorandum

A bill that homeowners advocates warn will make it more difficult to challenge improper foreclosure attempts by big mortgage processors is awaiting President Barack Obama’s signature after it quietly zoomed through the Senate last week.

Our world is made of sand.
… The legislation could protect bank and mortgage processors from liability for false or improperly prepared documents.

After all the things the Republicans have blocked and the Democrats haven’t been able to pass, it’s unconscionable that this is the type of legislation that “zoomed” through Congress without public debate.