President Obama will not sign legislation approved by Congress that could make it harder for homeowners to fight foreclosures in court.
White House press secretary Robert Gibbs said at his daily press briefing that Obama will not sign the “Interstate Recognition of Notarizations Act.”
The legislation would require federal and state courts to accept document notarizations from out of state. The measure would have included notarizations filed electronically, which critics say have been used to improperly rush home foreclosures through the courts.
“Our concern is the unintended consequences on consumer protections,” Gibbs said. “So the president is exercising a pocket veto to send that bill back to Congress to iron out some of those unintended consequences.”
I still don’t know how this bill made it through the Senate amidst a worldwide financial crisis and US foreclosure crisis.