Filed under: News, Housing, Mortgage
Well finally, No Drama Obama will take no more. The Daily Beast has put it succinctly:
President Obama will "pocket veto" a bill that passed through Congress that could have made it easier for banks to foreclose on homeowners. The "Interstate Recognition of Notarizations (IRON) Act" was supposed to make it easier for states to recognize documents notarized in other states; however, the bill passed through Congress with almost no debate, and so it fell to consumer groups to point out that it could have the unintended consequence of making it easier for banks to remove homeowners from their homes. The pocket veto is when the president refuses to sign a bill, and Congress must be adjourned for a pocket veto to take effect.
Seriously, haven't the banks had an easy enough time during the foreclosure crisis? Banks such as Wells Fargo have already gotten off scott free for targeting people of color for bad sub-prime loans (unless you count them being sued by one entity -- the city of Baltimore). Now the industry is trying to use the legislative system to make it even easier to take back the homes they should never have approved people for in the first place.
At this point, between the bank bail out and the bail out of the investment banking industry, somebody has to put their foot down. I am so glad that this person is President Barack Obama. The use of taxpayer's dollars and the systems of government by financial institutions to support their own profit-taking at the expense of consumers is reaching a shameless high. For some reason, Republicans for the most part seem eager to help. Obama has finally realized that now is the time to stop working peaceably with them.
Now that the president seems ready, willing and able to take a stand on what could be unpopular issues, he should tackle African American unemployment. Who knows? He might even be able to prevent black folks from rioting over the issue.
Juuuust kidding...