Is it any surprise that yesterday we had Democratic Congressmen Alan Grayson and John Conyers issue statements calling for applying the law equally to everyone and initiating prosecution against the big banks that have committed fraud, just as it becomes apparent that the Democrats face the real possibility many of them are swept from office in a landslide next month? Well, hold on, not so fast. Never underestimate the ability of the GOP to shoot itself in the foot – and grasp defeat from the jaws of victory.
From CNBC this morning regarding HR 3808:
Bill Toughening Foreclosure Challenges Passes Quietly
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.
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 [JPM 39.90 — UNCH (0) ] and Bank of America [BAC 13.39 — UNCH (0) ] .
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 law, the ‘Interstate Recognition of Notarizations Act’ requires all federal and state courts to recognize notarizations made in other states. Potentially, this could cure the serious problem of the newly-discovered ‘robo-signers’ that signed tens of thousands of Affidavits for foreclosure each and every day without verifying a single thing to which they were swearing an oath was stated truth.
In issuing a statement about the strange and rapid way this bill suddenly passed both houses of Congress (at this critical juncture in time when we are just uncovering the depths of the mortgage fraud), which required invocation of a special procedure, Senate staffers indicated that ‘constituents pressed for passage.’ Oh really? What constituents might those be? Apparently, it’s a mystery.
The staffers said they didn’t know who these constituents were or if anyone representing the mortgage industry or other interests had pressed for the bill to go through.
These staffers said that, in an unusual display of bipartisanship, Senator Jeff Sessions, the committee’s senior Republican, also helped to engineer the Senate’s unanimous consent for the bill.
More coincidence or irony that the Republican Representative sponsoring this bill, Robert Aderholt, is running unopposed this November in Alabama’s 4th District. Designated fall-guy in case the public catch-on, giving them absolutely no recourse against this guy? Doubtful. Everything Washington does seems to be a calculated political game of poker, with the cards stacked against We The People.
We finally had hope that all the fraud was going to be exposed and those that perpetrated fraud would be prosecuted, but with one bill, the GOP has managed to throw a big bucket of cold water on those hopes. Guess it’s the GOP’s version of ‘hope and change.’
As I posted yesterday about this bill, a plea for help from the public from the Ohio Secretary of state:
President Obama was presented with HR. 3808 on Thursday, September 30, 2010. As of today, he has not signed the bill. Please join me in urging him not to sign the bill by sending an email or calling the White House at 202-456-1111.
Mortgages are now being used as backing for securities traded all over the world by financial institutions. When a mortgage goes into default, a “chain of title” (list of its owners) must be created. It’s being discovered that many financial institutions have taken shortcuts in creating lawful chains of title that allow them to foreclose and take homes when they would not otherwise have the right under the law.
Banks demand we follow every letter of their contracts We must demand they follow the law. It’s that simple. Please join me in urging President Obama not to sign the bill by sending an email or calling 202-456-1111.
The only thing to be done to stop the banks from yet again receiving ‘legal’ ways to commit fraud, is to stop President Obama from signing this bill. If he cares at all about his Democrat majority, he’ll veto it. The next move to change political momentum for November lies with him. It already appears that at least two Democratic Members of Congress have decided that the real issue is to stop the looting and start prosecuting. Too bad the GOP didn’t get the memo that We The People would like to stop being robbed blind by both banks and our government.
UPDATE: As I was publishing this, it came to my attention that the Huffington Post has just put up an article regarding this bill that sums up the intent behind this bill:
Definitely recommended reading….and not lost on me that the HuffPo, a left-leaning media source that has been one of the few media outlets regularly reporting on the mortgage fraud, is all over this like white on rice. Hold on, here comes the Hail Mary pass from the Democrats. Note to Republicans: You’re in trouble.
NOTE: If you need clear, concise reasons to tell President Obama to veto this bill, here’s a great summary as to why: HR 3808: You Must Veto It