Thursday, October 7, 2010

Blogs Win One: Obama's First Veto Will Be H.R. 3808---Mortgage Foreclosure Documentation Bill

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.


  1. Coco Chanel, before she became famous for perfumes, was a milliner. She made hats for the finest French High Society women. And Coco knew that her clients would never accept her hat designs without wanting to "tinker" to prove who was in charge. So, before showing her hats to her clients, Coco would stick a bright orange feather into the middle of the hat. The client owuld come in and marvel at the hat, then explain that the orange feather just did not look right. Coco would smile and remove the offending feather and deliver the hat. The client was happy for having control over the design while Coco was happy because the hat was being worn as she intended it to be. In other words, the orange feather existed for no other reason than to be removed to make the client happy. It did not actually change anything.
    So, we come to this bill, H.R. 3808, which sailed through Congress without any debate at all, clearly an onerous piece of abusive legislation that did indeed arouse the public anger... as it may have been planned to do. Because now Obama has, just before the election, a bright orange feather he can pluck out and discard before the eyes of the voting public, to reassure the gullible that they have the "semblance" of control of what goes on.

  2. I can not imagine that the banks will not be allowed to foreclose due to fraudulent documentation as they own our government. We need a revolution!

  3. But this was a 'pocket veto' meaning Obama reains the bill until congree adjourns. Theoretically, he could still sign it?

  4. smoke and mirrors; nothing more.

  5. Dream on!! You think the banks will take it up the arse on this one? Think again. Who put Obama in the presidency? Who supports him in the presidency? How many GS employees have been employed by Obama?

    I rest my case. Maybe they're throwing you a bone cause they know you'll never ask for the meat.