Obama won't sign bank-friendly bill, but says authors had 'the best intentions'

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posted on Oct, 7 2010 @ 09:59 PM
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*Mods I know it is not the actual title but it was an update to that article that I am trying to point out*

www.rawstory.com...


Today, the White House announced that President Obama will not sign H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, and will return the bill to the House of Representatives. The Interstate Recognition of Notarizations Act of 2010 was designed to remove impediments to interstate commerce. While we share this goal, we believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized.

Notarizations are important for a large range of documents, including financial documents. As the President has made clear, consumer financial protections are incredibly important, and he has made this one of his top priorities, including signing into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. That is why we need to think through the intended and unintended consequences of this bill on consumer protections, especially in light of the recent developments with mortgage processors.


Wow, President Obama showing some defense of the American people. I will hold off on my applause until this provision is completely stripped from the bill and is not replaced with something just as bad or worse. So far though it appears to me he is trying to cover peoples asses for putting in such a terrible amendment which would make fighting forclosures so much more difficult.




posted on Oct, 8 2010 @ 10:37 AM
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