House Will Vote To Override Obama’s Veto Of Bill Making It Harder For Homeowners To Challenge Banks
In October, the House and Senate quietly passed a bill — the Interstate Recognition of Notarizations Act of 2010 — that would have forced states to accept notarized documents from any state. This came at the same time that the robo-signing scandal was finally coming into focus, and one of the problems that the banks were having with their documentation was a slew of false and possibly fraudulent notarizations.
At the time, Ohio Secretary of State Jennifer Brunner said that the bill “would weaken protection of homeowners by requiring many states to accept lower standards for notarizations.” President Obama, warning of the “unintended consequences of this bill on consumer protections, especially in light of the recent developments with mortgage processors,” vetoed the legislation.
Congress is not a body that actually stands up to the banking industry with any consistency, so the House today will be voting to override Obama’s veto. But nothing has changed the fact that the bill would make it more difficult for homeowners to challenge foreclosures (as any notarization, done under any standard, would have to be accepted).
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