Obama has Legislation that will Bailout Banks (Again) and Crush Homeowners on the Edge

Obama has Legislation that will Bailout Banks (Again) and Crush Homeowners on the Edge


Robert Wenzel
EconomicPolicyJournal.com
October 7, 2010

Let’s face it. When banks put together the mortgages that have collapsed the real estate system, they were helped tremendously by the Fed money printing of Alan Greenspan. You would think with this help, the banks would have at least done the documentation on the loans correctly. They didn’t.

Because of the sloppy documentation, the banks may now technically be unable to foreclose on many of the absurd loans they made. Edge mortgage holders.

Or at least it still is edge mortgage holders, but likely not for long. President Obama who has shown a total disrespect for the rule of law and the sanctity of contract (see what he did to the debt holders of the auto companies) appears to be about to overule contract law, again.

It will, of course, be to the benefit of banks who not only made dumb loans, but didn’t get the proper documentation for the loans. It will screw the homeowners who will be tossed out of homes that technically, by law, the banks shouldn’t be able to toss out because of the poor documentation.

Here’s what the President in cahoots with Congress is up to, according to Reuters:

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.

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.

A d v e r t i s e m e n t
The timing raised eyebrows, coming during a rising furor over improper affidavits and other filings in foreclosure actions by large mortgage processors such as GMAC, JPMorgan and Bank of America.

Questions about improper notarizations have figured prominently in challenges to the validity of these court documents, and led to widespread halts of foreclosure proceedings.

The legislation could protect bank and mortgage processors from liability for false or improperly prepared documents.

The White House said it is reviewing the legislation…

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.

For affidavits — sworn statements filed in court cases — the person who made the affidavit also is required to swear under oath before a notary that the affidavit is true.

Patriot's Thought's: Congress and the Senate bail the crooks out again! When the Banking industry is too incompetent to conduct their own business! The Government to the rescue once again for their elite buddies! The American people who are being kicked out in the cold need to be rescued too! After all the American people paid dearly for the elite banking industry to be bailed out the first time because of there own stupidity! How about the American people that are hurting? Where's there help? Big Government = Big Business! Get it! They represent them not us! Taxation without Representation!

Views: 59

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Less Prone favorited tjdavis's video
19 minutes ago
Less Prone favorited tjdavis's video
21 minutes ago
Less Prone posted photos
24 minutes ago
tjdavis posted a video

Zero Days - Official Trailer

Streaming now on @DocPlay: https://www.docplay.com/shows/day-zeroFrom Academy Award-winning filmmaker Alex Gibney (Going Clear: Scientology and the Prison of...
4 hours ago
Doc Vega posted a blog post

Is This Story True and Have their Identities Been Changed?

(Perhaps it’s the only way it can be told) Chapter 1Roy reached across the aisle of the DC-3 as it…See More
9 hours ago
Doc Vega posted photos
10 hours ago
Sandy posted videos
yesterday
cheeki kea commented on cheeki kea's photo
yesterday
cheeki kea posted a photo
yesterday
cheeki kea favorited Doc Vega's blog post A Grain of Hope
yesterday
Doc Vega posted blog posts
Saturday
Doc Vega's 7 blog posts were featured
Saturday
tjdavis's blog post was featured
Saturday
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
Saturday
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
Saturday
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
Saturday
Less Prone favorited tjdavis's photo
Saturday
Doc Vega posted blog posts
Friday
cheeki kea commented on cheeki kea's photo
Thumbnail

Lost History

"The Tartar wall - aka The Great Wall of China is hundreds of years old and was up and running in…"
Friday
cheeki kea posted a photo
Friday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted