President Obama has decided he can not take the heat from the masses and he will veto the bill which would give bankers the ability to foreclose on houses, even when they do not have proper documentation.
According to WSJ, President Barack Obama won't sign into law an overlooked piece of legislation that critics say would make it easier for banks and others to process foreclosure proceedings without human signatures, a person familiar with the matter said. This will be the first veto issued by President Obama. In this instance, he will send the bill back to Congress using a process known as a "pocket veto."
Chock this veto up to the blogsphere, who got wind of the legislation which Congress tried to pass with little notice. The word spread in the blogsphere and the President determined he wouldn't be able to deal with the backlash form signing such a bill, with it's obvious benefits to the elite banks.
No doubt, the bankers will be back with some other angle so that they won't have to deal with the consequences of their sloppy practices. As Janet Tavakoli points out, it may even result in TARP II.