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The Real Estate Bloggers

The Real Estate Bloggers

Senate Passes Legislation To Protect Banks From Foreclosure Problemsrt

Posted: 07 Oct 2010 08:24 AM PDT

Feds-bail-me-out-smFolks, keep telling yourself that the government is there to protect you. Because if you open your eyes to reality you will see that Congress pretty much looks to screw you to protect the big donors and lobbyists.

This was evident recently as the Senate rushed a bill through that was thought to be dead in the water protecting banks and lending institutions from prosecution and liability if they mismanage your mortgage.

Ohio Secretary of State Jennifer Brunner told Reuters in an interview that the law would weaken protection of homeowners by requiring many states to accept lower standards for notarizations.

She said it was “suspicious” that the law unexpectedly passed just as the mortgage industry is facing possible big costs from having filed false or improperly notarized documents.

Notarizations are made by notaries licensed by individual states. The purpose of notarizations is to attest to the identity of the person whose signature is on a legal document.

For affidavits — sworn statements filed in court cases — the person who made the affidavit also is required to swear under oath before a notary that the affidavit is true. Via Reuters

That is right. The mortgage industry with it’s secularizations and selling of mortgages has left a mess in tracking who is the true lender. Add into that they never followed the process of recording this information on your deed and you can see why they big banks are so scared and got Big Daddy Congress to bail them out.

Essentially, the fact is if President Obama signs this legislation, banks will not have to have a solid paper trail on who owns the mortgage and will be able to foreclose without following the basic time honored steps that have been ingrained in the law.

The banks made some key mistakes and instead of rectifying them, the government feels it is easier to take away the homeowners rights.

How are you feeling now. A little nauseous? I know I am…

And if you think I am beating up the Democrats, I am not. This was a bipartisan move. The politicians always protect their own.

Some House and Senate staffers said the Senate committee had let the bills languish because of concerns that they would interfere with individual state’s rights to regulate notarizations.

Senate staffers familiar with the judiciary committee’s actions said the latest one passed by the House seemed destined for the same fate. But shortly before the Senate’s recess, Judiciary Committee Chairman Patrick Leahy pressed to have the bill rushed through the special procedure, after Leahy “constituents” called him and pressed for passage.

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. Via Reuters

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Senate Passes Legislation To Protect Banks From Foreclosure Problemsrt

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