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President Obama to Pocket-Veto Bill That Might Make It Easier to Foreclose on Homes
October 07, 2010 1:17 PM
ABC News has learned that President Obama will not sign – or “pocket veto” -- a bill that sailed through Congress that consumer groups warn would make it easier for banks to foreclose on homeowners.
The purpose of the “Interstate Recognition of Notarizations (IRON) Act -- written by Rep. Robert Aderholt, R-Al., and currently sitting on the president’s proverbial desk -- is to streamline the recognition of notarizations across state lines. Aderholt said in a statement that the legislation “will help businesses around the nation by eliminating the confusion which arises when states refuse to acknowledge the integrity of documents notarized out-of-state. This issue continues to be a problem for businesses and individuals who engage in business across state lines.”
The bill passed the House in April and sailed through the Senate without debate at the end of September, as Congress adjourned for the Fall recess.
But consumer groups and some state officials noted that the legislation could have the unintended consequence of exacerbating an ugly trend of unfair home foreclosures. By requiring the acceptance of out-of-state notarizations, the bill could make it more difficult for homeowners to challenge improper foreclosure attempts.
On Thursday morning, White House officials held meetings to review the legislation, with the president ultimately deciding that however well-intentioned the bill may have been, it might create too much potential for harm to homeowners at a time of economic tough times, and in the wake of a major controversy over waves of questionable foreclosures by Bank of America, JPMorgan and other big lenders.
Ellen Bloom, the director of federal policy for Consumers Union in Washington: "President Obama is doing the correct thing by vetoing this bill. With the flood of apparent improper foreclosures, this is no time to change the rules to weaken the safeguards of the notary process. This bill would make a bad situation worse when it comes to foreclosure fraud."
A pocket-veto comes when the president refuses to sign a bill while Congress is adjourned.
In December 2009, President Obama issued a “pocket veto” of a “stop gap” appropriations bill that ultimately proved unnecessary since Defense funding passed in time.
- Jake Tapper
October 7, 2010 in congress, Economy, Jake Tapper, Obama, Barack, President Obama | Permalink | Share | User Comments (19)
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I think he has been playing a lot of pocket pool I mean veto for the past 2 yrs
Posted by: Doctor Heinz Doofenshmirtz | Oct 7, 2010 2:30:59 PM
So basically this was a Democrat baiting game being played....... right ABC....
Posted by: vet1973 | Oct 7, 2010 2:29:45 PM
My level of respect for President Obama has just gone up immensely.
Posted by: Bun Stinger | Oct 7, 2010 2:26:05 PM
So ABC.... why did the Senate, who fully CONTROLLS the agenda..., even bring it up for a vote...... so what was the game being played here ABC....
Posted by: vet1973 | Oct 7, 2010 2:25:24 PM
Here's what the lamestream socialist fake-news media won't tell you about this d-crat socialist bill: "The bill’s approval involved invocation of a special procedure. Democratic Senator Robert Casey, shepherding last-minute legislation on behalf of the Senate leadership.."
BUT, in their typical slimebag manner, they will blame the republicans for this d-crat enacted bill!
Posted by: TeaPartyPatriot | Oct 7, 2010 2:23:47 PM
GALLUP: UNEMPLOYMENT ACTUALLY AT 10.1%...
Government 'likely to understate' final report before midterms...
Job losses in 2009 likely bigger than thought...
OBAMA VS AMERICA
Posted by: Yep I said that | Oct 7, 2010 2:21:59 PM
MCDONALD'S, 29 other firms get ObamaCare waivers...
Its falling apart for ObamaCare
OBAMA----VERSES-------AMERICA
Posted by: Yep I said that | Oct 7, 2010 2:20:43 PM
Tax raises for "the rich," who earn over two-fifty grand a year, meaning a lot of small business owners who pay on income, not on profits. This socialist freak should be sent back to Kenya or Indonesia or whereever he was born---maybe even Honolulu. What a total mistake and the MSM like Tapper are responsible.
Posted by: daveinboca | Oct 7, 2010 2:20:20 PM
"If you can't ensure the quality of our financial transactions, you will only repeat the crash of 2008"
Not if you're Goldman Sachs. Thanks Chris Dodd. And thanks Barry...
Posted by: Easy $ | Oct 7, 2010 2:19:14 PM
It's not a "pocket veto" Jake. It's a full blown actually veto.
Article 1, Sec 7 says that the President must either sign the bill or send it back to the House from which it originated with his objections within 10 days. The latter procedure is a full blown veto -- and that's what the President did with this bill.
A pocket veto would be the President not signing it -- but not sending it back to Congress with his objections either because the Congress is not in session.
Posted by: Hesiod | Oct 7, 2010 2:16:13 PM
And he's what King Obama the Buffoon has given us this week. Wake up, Americans.
PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday.
Posted by: JJ | Oct 7, 2010 2:10:31 PM
The conservatives on this site should hold their reflexively anti-regulation horses. The whole purpose of a Notary and all that stuff is to make sure that somebody's actually looking at all these things to make sure the foreclosures are in order.
Folks, the controversy that lead to this bill concerned people processing tens of thousands of foreclosures a day. This lead to several of the banks putting the brakes on further foreclosures, given the fact that many of their foreclosures were questionable. That might have some pretty nasty consequences. This bill, being rushed through, would have the effect of legalizing what is quite a scuzzy practice.
But hey, Regulations are bad, right? Actually making sure foreclosures are legitimate is bad, right? I mean, you wouldn't want to be buying a foreclosed home, only to learn that the bank didn't have the right to sell it to you, right?
If you can't ensure the quality of our financial transactions, you will only repeat the crash of 2008
Posted by: Stephen Daugherty | Oct 7, 2010 2:07:11 PM
Nice biased story. There is a quote supporting the pocket veto, but no counter viewpoint as to how this interstate notarization is helpful.
Posted by: Fred | Oct 7, 2010 2:01:56 PM
Oh brother, the bill simply makes using out of state notaries legal. But Obama and deadbeats worse fear is that it will allow banks to use out of state notaries to foreclose on people who don't pay their mortgage as the system should be. If banks can't foreclose on those not paying, they won't giving loans to people who do pay their mortgages. Getting foreclosed on sucks, but it is legal and necessary--FOOLS.
Posted by: IndependentVoice | Oct 7, 2010 1:59:54 PM
Odd that Dems would even have this kind of bill around. Weird, huh?
Posted by: Curious | Oct 7, 2010 1:55:26 PM
Jake-
It has always been unpopular among the Left and to be fair many working or blue collar citizens and those who vote that the banking industry are predators who have all the money. This image is distorted by the insecurities of those who by virtue of their bona fide agreements are legally responsible to secure the collateral they created. Few realize that banks want no part of foreclosures, this action always created loss for the banking institution and disdain by other residents which the bank does not need.Ask yourself if an Obama pocket veto on this matter is not politically correct for his election prospects.
Posted by: Jay Adler | Oct 7, 2010 1:50:32 PM
If a plaintiff presented such a document as a supporting piece of evidence, it would be tossed. Why allow the banks to do it.
Posted by: kravitz | Oct 7, 2010 1:48:15 PM
succabm: The bill would make it easier for people to be falsely foreclosed on. That means that it would make it easier for banks to literally steal people's homes away who should not be foreclosed on. There was one guy who bought his home with cash and a bank still tried to foreclose on him.
Posted by: oldbucsfan | Oct 7, 2010 1:46:07 PM
Great BO just great. Still kicking businesses around huh. No wonder business wont hire. You hate them and they hate you back. If people cannot pay for the home they are in they need to be forced out of that home. Bama is going to destroy this country..
Posted by: succabm | Oct 7, 2010 1:42:43 PM
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