Hiding Foreclosure Gate

[Annie]

With the high and long term unemployment comes foreclosures. So now it seems that the Senate is trying to do something very quickly, very quietly to help out those banks with this problem of the appearance of rampant fraud:

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate
Joe Weisenthal | Oct. 7, 2010, 7:37 AM

phoenix foreclosureThe hottest story right now in the banking industry is foreclosure-gate, as various firms like Bank of America, JPMorgan, and GMAC have halted foreclosures upon realizing that the paperwork behind them has been shoddy at best.

The fallout -- which has already invited investigations from state AGs -- could throw a major wrench into what's already been a costly, tedious, and economically damaging process.

Seemingly out of nowhere, the Senate passed a bill that could get the banks out of this mess...

What is the bill?

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.

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.

Notarizations are made by notaries licensed by individual states. The purpose of notarizations is to attest to the identity of the person whose signature is on a legal document.​

Even the bill's own House sponsor is stunned by the speed with which this bell went through.

So now it's on the President's desk to sign. ZeroHedge, which brought the story to our attention, is skeptical that he will. But vetos are rare. The path of least resistence is usually to just sign the bill and move on.

Story on possibility of fraud by the banks:

washingtonpost.com

In foreclosure controversy, problems run deeper than flawed paperwork

By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Thursday, October 7, 2010; 12:01 AM

Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.

Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title.

These fundamental concerns over ownership extend beyond those that surfaced over the past two weeks amid reports of fraudulent loan documents and corporate "robo-signers."

The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country, raising urgent challenges for both the real estate market and the wider financial system.

For struggling homeowners trying to avoid foreclosure, it could mean an opportunity to challenge the banks they argue have been unhelpful at best and deceptive at worst. But it also threatens to leave them in prolonged limbo, stuck in homes they still can't afford and waiting for the foreclosure process to begin anew....

 

[boedicca]

I just finished reading this at Clusterstock.

What an appalling bit of legislation.

Banks don't have properly notarized documents required by law for mortgages, thus preventing them from foreclosing.

So Congress is going to change the law so that the standards for notarization are changed ex post facto. Yet another Bail Out of Big Government Cronies.

Shameful.

 

[uscitizen]

No info on which party submitted it or voted for it?

 

[boedicca]

Who controls Congress right now, bub?

 

[Annie]

No info on which party submitted it or voted for it?

Leahy? You need to ask? The bills had been proposed twice from my reading, allowed to die, and resurrected by Leahy 'who got it done' just before leaving. Interesting time for this, but none for getting the budget done?

 

[boedicca]

They can't pass a budget or deal with the income tax mess - but they can pass another Big Bank Bail Out.

 

[gatortarian]

They can't pass a budget or deal with the income tax mess - but they can pass another Big Bank Bail Out.

Isn't is amazing that with control of both houses and the presidency that they still can't pass a budget. If that alone isn't enough to throw the bums out I don't know what is.

 

[Annie]

They can't pass a budget or deal with the income tax mess - but they can pass another Big Bank Bail Out.

Actually worse than bail out, more a go ahead and rape the down-and-out.

 

[edthecynic]

No info on which party submitted it or voted for it?

Leahy? You need to ask? The bills had been proposed twice from my reading, allowed to die, and resurrected by Leahy 'who got it done' just before leaving. Interesting time for this, but none for getting the budget done?

Ahhhh yes, the patented half-truth.

There's not a dime's worth of difference between the two Parties, but the partisans always try to protect their own Party.

Bank foreclosure cover seen in bill at Obama's desk | Reuters

Senator Jeff Sessions, the committee's senior Republican, also helped to engineer the Senate's unanimous consent for the bill.

 

[uscitizen]

Who controls Congress right now, bub?

'

Did any of the repubas make a fuss or just pass it?

Has Fox brought this issue up?

 

[Full-Auto]

Who controls Congress right now, bub?

'

Did any of the repubas make a fuss or just pass it?

Has Fox brought this issue up?

My understanding is a repub introduced it.

 

[edthecynic]

With the high and long term unemployment comes foreclosures. So now it seems that the Senate is trying to do something very quickly, very quietly to help out those banks with this problem of the appearance of rampant fraud:

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate
Joe Weisenthal | Oct. 7, 2010, 7:37 AM

phoenix foreclosureThe hottest story right now in the banking industry is foreclosure-gate, as various firms like Bank of America, JPMorgan, and GMAC have halted foreclosures upon realizing that the paperwork behind them has been shoddy at best.

The fallout -- which has already invited investigations from state AGs -- could throw a major wrench into what's already been a costly, tedious, and economically damaging process.

Seemingly out of nowhere, the Senate passed a bill that could get the banks out of this mess...

What is the bill?

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.

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.

Notarizations are made by notaries licensed by individual states. The purpose of notarizations is to attest to the identity of the person whose signature is on a legal document.​

Even the bill's own House sponsor is stunned by the speed with which this bell went through.

So now it's on the President's desk to sign. ZeroHedge, which brought the story to our attention, is skeptical that he will. But vetos are rare. The path of least resistence is usually to just sign the bill and move on.

Story on possibility of fraud by the banks:

washingtonpost.com

In foreclosure controversy, problems run deeper than flawed paperwork

By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Thursday, October 7, 2010; 12:01 AM

Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.

Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title.

These fundamental concerns over ownership extend beyond those that surfaced over the past two weeks amid reports of fraudulent loan documents and corporate "robo-signers."

The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country, raising urgent challenges for both the real estate market and the wider financial system.

For struggling homeowners trying to avoid foreclosure, it could mean an opportunity to challenge the banks they argue have been unhelpful at best and deceptive at worst. But it also threatens to leave them in prolonged limbo, stuck in homes they still can't afford and waiting for the foreclosure process to begin anew....

Obama sends foreclosure docs bill back to Congress - Yahoo! News

WASHINGTON – President Barack Obama has rejected a bill that the White House fears could worsen the mounting problems caused by flawed or misleading documents used by banks in home foreclosures.

 

[KissMy]

The bill, H.R. 3808, aka The Interstate Recognition of Notarizations Act, would require state and federal courts to “recognize any notarization made by a notary public” licensed in any state as valid, including electronic signatures.

Consumer advocates and critics of the legislation say it would give mortgage lenders and servicers an edge by making it harder for borrowers to contest the legality of a foreclosure on the grounds of improper documentation.

It passed the House back in April and cleared the Senate last Monday with unanimous approval. They passed it by voice vote to prevent entry on their voting record.

President Obama will not sign the bill into law and does not have the balls to veto it. He is secretly using pocket veto – a maneuver that allows the president to squash a bill by “pocketing” it so that it is not signed or directly vetoed within the mandated 10 days of it hitting the president’s desk, provided Congress adjourns during the 10-day window.

 

[Revere]

Hmmm...B of A just halted ALL foreclosures in ALL 50 states, citing documentation problems.

 

[Avorysuds]

More good news doe the DNC and GOP!!!

Sell out as hard as you can in the last moments before you get your ass fired!

 

[Conspiracist]

No info on which party submitted it or voted for it?

Leahy? You need to ask? The bills had been proposed twice from my reading, allowed to die, and resurrected by Leahy 'who got it done' just before leaving. Interesting time for this, but none for getting the budget done?

Ahhhh yes, the patented half-truth.

There's not a dime's worth of difference between the two Parties, but the partisans always try to protect their own Party.
Bank foreclosure cover seen in bill at Obama's desk | Reuters

Senator Jeff Sessions, the committee's senior Republican, also helped to engineer the Senate's unanimous consent for the bill.

They tout different divisive bullshit and act like rival siblings. When Big Daddy and Mama Bankers say "heel", they heel.

 

[Care4all]

PRAISE Obama! No? 23 hours ago!

Obama vetoes bill sponsored by Alabama Republican Congressman Aderholt
Published: Thursday, October 07, 2010, 2:54 PM Updated: Thursday, October 07, 2010, 3:54 PM

Paul Gattis, The Huntsville Times Paul Gattis,

A bill authored by Rep. Robert Aderholt, R-Haleyville, and passed by Congress has been rejected by President Barack Obama.

HUNTSVILLE, AL -- A bill authored by Rep. Robert Aderholt, R-Haleyville, that passed the House and Senate has been rejected by President Barack Obama.

Aderholt's bill, Interstate Recognition of Notarizations Act of 2010 (HR3808), will be vetoed by Obama after critics said the bill "could loosen standards for foreclosure documents," the Washington Post reported.

In a statement, Aderholt disputed such an assessment.

"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems. I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed."

"My legislation would improve interstate commerce by requiring that documents be recognized in any state or federal court. It would help court reporters, attorneys, business owners, and consumers in general."
"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems. I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed."

....

"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems," Aderholt said. "I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed.
Obama vetoes bill sponsored by Alabama Congressman Aderholt | al.com
© 2010 al.com. All rights reserved.

 

[Annie]

With the high and long term unemployment comes foreclosures. So now it seems that the Senate is trying to do something very quickly, very quietly to help out those banks with this problem of the appearance of rampant fraud:

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate

Senate Shockingly Passes Bill That Could Bail The Banks Out Of Foreclosure-Gate
Joe Weisenthal | Oct. 7, 2010, 7:37 AM

phoenix foreclosureThe hottest story right now in the banking industry is foreclosure-gate, as various firms like Bank of America, JPMorgan, and GMAC have halted foreclosures upon realizing that the paperwork behind them has been shoddy at best.

The fallout -- which has already invited investigations from state AGs -- could throw a major wrench into what's already been a costly, tedious, and economically damaging process.

Seemingly out of nowhere, the Senate passed a bill that could get the banks out of this mess...

What is the bill?

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.

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.

Notarizations are made by notaries licensed by individual states. The purpose of notarizations is to attest to the identity of the person whose signature is on a legal document.​

Even the bill's own House sponsor is stunned by the speed with which this bell went through.

So now it's on the President's desk to sign. ZeroHedge, which brought the story to our attention, is skeptical that he will. But vetos are rare. The path of least resistence is usually to just sign the bill and move on.

Story on possibility of fraud by the banks:

washingtonpost.com

In foreclosure controversy, problems run deeper than flawed paperwork

By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Thursday, October 7, 2010; 12:01 AM

Millions of U.S. mortgages have been shuttled around the global financial system - sold and resold by firms - without the documents that traditionally prove who legally owns the loans.

Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title.

These fundamental concerns over ownership extend beyond those that surfaced over the past two weeks amid reports of fraudulent loan documents and corporate "robo-signers."

The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country, raising urgent challenges for both the real estate market and the wider financial system.

For struggling homeowners trying to avoid foreclosure, it could mean an opportunity to challenge the banks they argue have been unhelpful at best and deceptive at worst. But it also threatens to leave them in prolonged limbo, stuck in homes they still can't afford and waiting for the foreclosure process to begin anew....

Obama sends foreclosure docs bill back to Congress - Yahoo! News

WASHINGTON – President Barack Obama has rejected a bill that the White House fears could worsen the mounting problems caused by flawed or misleading documents used by banks in home foreclosures.

Pocket veto, we'll see how it plays down later, if it ever comes up again.

 

[Annie]

PRAISE Obama! No? 23 hours ago!

Obama vetoes bill sponsored by Alabama Republican Congressman Aderholt
Published: Thursday, October 07, 2010, 2:54 PM Updated: Thursday, October 07, 2010, 3:54 PM

Paul Gattis, The Huntsville Times Paul Gattis,

A bill authored by Rep. Robert Aderholt, R-Haleyville, and passed by Congress has been rejected by President Barack Obama.

HUNTSVILLE, AL -- A bill authored by Rep. Robert Aderholt, R-Haleyville, that passed the House and Senate has been rejected by President Barack Obama.

Aderholt's bill, Interstate Recognition of Notarizations Act of 2010 (HR3808), will be vetoed by Obama after critics said the bill "could loosen standards for foreclosure documents," the Washington Post reported.

In a statement, Aderholt disputed such an assessment.

"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems. I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed."

"My legislation would improve interstate commerce by requiring that documents be recognized in any state or federal court. It would help court reporters, attorneys, business owners, and consumers in general."
"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems. I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed."

....

"There is absolutely no connection whatsoever between the Interstate Recognition of Notarizations Act of 2010 and the recent foreclosure documentation problems," Aderholt said. "I first introduced this legislation in April of 2005, and obviously there was no concern about weakening the foreclosure documentation process at that time. This is a bill that would help people and I am disappointed that it was vetoed.
Obama vetoes bill sponsored by Alabama Congressman Aderholt | al.com
© 2010 al.com. All rights reserved.

Care, you're just ignoring it never got out of committee in Senate, until Leahy did so at the last moment before leaving. You're correct though, nearly as many Republicans are in with the banks as Democrats. None of those give a fig for the people. Yeah, I'm glad that Obama used the pocket veto.

 

[Annie]

Who controls Congress right now, bub?

'

Did any of the repubas make a fuss or just pass it?

Has Fox brought this issue up?

My understanding is a repub introduced it.

But it took Leahy to get it through the Senate, the Republicans can't.