Obama Rejects Tricky Notary Bill On Foreclosures

Posted By on October 7, 2010

President Barack Obama won’t sign legislation that critics said would have eased the way for banks to process home foreclosures, his spokesman said.

The bill would have required courts to recognize notarizations across state lines, including electronic signatures. White House press secretary Robert Gibbs said the administration was concerned about the potential impact on home foreclosure proceedings.

“Out of an abundance of caution, and to ensure that those unintended consequences don’t harm consumers, the president will send the bill back,” Gibbs said.

Obama’s “pocket veto” puts to an end, for now, a five- year effort by some of the nation’s 4.8 million notaries to streamline court proceedings involving notarized documents. The Interstate Recognition of Notarizations Act for years had won approval from Democrats and Republicans in Congress as a piece of mundane, good-government legislation.

More at: http://www.bloomberg.com/news/2010-10-07/obama-will-veto-notary-recognition-bill-on-possible-abuse-in-foreclosures.html

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