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thumbs up for obama

hypocritexposer

Well-known member
Congress tried to slip this one past. Fortunately obama realized how this would look and sent it back.

This should be handled on a more local level.


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.

White House press secretary Robert Gibbs said Thursday that Obama is sending a newly passed bill back to Congress to be fixed because the current version has "unintended consequences on consumer protections." The bill would loosen the process for providing a notary's seal to documents and allow them to be done electronically.

Obama will not sign a bill that would allow foreclosure and other documents to be accepted among multiple states. Consumer advocates and state officials had argued the legislation would make it difficult for homeowners to challenge foreclosure documents prepared in other states.

http://news.yahoo.com/s/ap/20101007/ap_on_bi_ge/us_obama_foreclosures
 

Tam

Well-known member
He also may have vetoed it and sent it back because he didn't want another one of the bill signed by him to be found un-constitutional. :wink:
 

Silver

Well-known member
Imagine that... the man does something right and nobody but one has anything good to say. Congrats Hypo for seeing a political move for what it really is.
 

Tam

Well-known member
Silver said:
Imagine that... the man does something right and nobody but one has anything good to say. Congrats Hypo for seeing a political move for what it really is.

I posted what Judge Napolitano a Constitution specialist said. He said the bill was unconstitutional as it was again stepping in on States rights. If Obama had signed it, it would have been ruled unconstitutional when challenged. So maybe we should be thanking Obama for not wasting the 10 ink pens he takes to sign a bill and the jet fuel he would have used to fly somewhere to announce he signed it. :wink:
 

Silver

Well-known member
Tam said:
Silver said:
Imagine that... the man does something right and nobody but one has anything good to say. Congrats Hypo for seeing a political move for what it really is.

I posted what Judge Napolitano a Constitution specialist said. He said the bill was unconstitutional as it was again stepping in on States rights. If Obama had signed it, it would have been ruled unconstitutional when challenged. So maybe we should be thanking Obama for not wasting the 10 ink pens he takes to sign a bill and the jet fuel he would have used to fly somewhere to announce he signed it. :wink:

Tam, it wouldn't matter if the man overnight became Ronald Reagan incarnate, he could do no right in your eyes, or in the eyes of many of the posters on here. Much like when the last retard was in office, no one who didn't like him could see a single good thing he did. It's just an unfortunate part of politics in general and American politics in particular.
 

hopalong

Well-known member
Silver said:
Tam said:
Silver said:
Imagine that... the man does something right and nobody but one has anything good to say. Congrats Hypo for seeing a political move for what it really is.

Tam, it wouldn't matter if the man overnight became Ronald Reagan incarnate, he could do no right in your eyes, or in the eyes of many of the posters on here. Much like when the last retard was in office, no one who didn't like him could see a single good thing he did. It's just an unfortunate part of politics in general and American politics in particular.

Silver sounds like you are the pot calling the kittle black, Had you left that out it would not have been as hypocritcal, but by putting that in you became a hypocrite
 
A

Anonymous

Guest
Not only would the new law infringe on states rights of several states civil foreclosure laws- it would reward the misdeeds of the banking industry Fatcats that in their greed and speed of handing out mortgages to anyone that could see over the bar- and wanting to play russian roulette with dealing/selling off these mortgages in big package deals-did not follow normal accepted banking rules and laws...

Two years ago- some of the banking leaders (from banks not caught up in this greed fiasco) testified to Congress that it was their belief that many of these mortgages would never be able to be foreclosed on because in all the wheeling dealing trading it may not be capable of showing who holds the actual debt/loss-and mortgage-- and who can legally do the foreclosure..

Bank of America halts all U.S. foreclosures
Joins four other firms to announce freeze in the wake of documentation concerns



10/8/2010 7:44:37 PM ET 2010-10-08T23:44:37
. The foreclosure mess threatened to become full-blown chaos Friday as the nation's largest bank, Bank of America, halted all foreclosure procedures nationwide, raising the pressure on other lenders to do the same


Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures as anger grows at how lenders have prepared documents to support evictions. The halt on foreclosures will take effect on Saturday and also includes sales of foreclosed property.

Separately, PNC Financial Services Group Inc. said it was halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws.

An official at the Pittsburgh-based bank confirmed the PNC decision, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn't been publicly announced.

The moves come amid mounting political pressure on big U.S. banks to examine foreclosure-documentation problems. Bank of America's decision comes amid revelations that the banking industry had used "robo-signers," people who sign hundreds of documents a day without reviewing their contents, when foreclosing on homes.


Why the foreclosure mess could last for years

In a statement released Friday, Bank of America said it will stop foreclosure sales until “our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”


..Bank of America spokesman Dan Frahm said the company is reviewing its entire foreclosure process but is focusing on the validation of signatures on foreclosure documents.

.Bank of America will continue to track late payments and pursue delinquent borrowers but will stop short of foreclosure on those mortgages held on its books -- about 20 percent of the home loans it services.

Frahm said the average foreclosed borrower has not made a payment in 18 months. He declined to disclose how many foreclosures would be affected by the move.

Ally Financial's GMAC Mortgage unit and JPMorgan Chase announced similar moves to review their books in the past two weeks.

Also Friday, Litton Loan Servicing LP, a smaller mortgage company based in Houston, halted some foreclosures and evictions so it could review its handling of foreclosures. It made the disclosure in an e-mail to The Associated Press and did not say which states are affected.
Litton, owned by Goldman Sachs Group Inc
., is a mortgage servicer. It collects payments but doesn't make loans.

On Thursday, President Barack Obama refused to sign proposed legislation that would have made it more difficult for homeowners to challenge documents in a foreclosure.
 

Silver

Well-known member
hopalong said:
Silver said:
Tam said:
Tam, it wouldn't matter if the man overnight became Ronald Reagan incarnate, he could do no right in your eyes, or in the eyes of many of the posters on here. Much like when the last retard was in office, no one who didn't like him could see a single good thing he did. It's just an unfortunate part of politics in general and American politics in particular.

Silver sounds like you are the pot calling the kittle black, Had you left that out it would not have been as hypocritcal, but by putting that in you became a hypocrite

Don't tell anybody, but I dislike them both equally :wink: Sorry about your hypocrite theory :lol:
 
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