U.S.: Obama stops the foreclosure smorgasbord from becoming worse
- what Obama said he would veto the Interstate Recognition of Notarizations Act, a minor bill which passed both houses with little debate.
- whyThe timing is suspect – as a side effect, the bill could allow mortgage lenders to rush through foreclosures more quickly from outside states. source
- » Why this is a big deal: In recent weeks, politicians (especially Democrats) have been attacking mortgage lenders for using aggressive, shady techniques to push through foreclosures – a process which was impeded after the companies’ documentation came under question. A leading mortgage firm, Ally (better known as GMAC) recently had to halt all evictions in 23 states as a result of these documentation problems – revealed by one of their own employees in sworn testimony. The big story there, though, is that the smorgasbord of eviction is still on in 27 other states.