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Obama Won’t Sign Foreclosure Bill

The story broke quickly: A bill that made it more difficult for homeowners to challenge potentially faulty foreclosures had passed quickly and quietly through the congress. John Carney reported on the story this morning, noting that the White House was reviewing the legislation.

Foreclosure
CNBC.com
Foreclosure

Well, who says the Obama administration has slow political reflexes?

Reports broke earlier this afternoon that the president would not sign the legislation:

According to the Wall Street Journal article:

“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.

“Mr. Obama hasn't yet issued a veto during his presidency. In this instance, he will send the bill back to Congress using a process known as a "pocket veto."

“His decision comes amid growing complaints from lawmakers that the administration and regulators haven't done enough to intervene in a scandal tied to thousands of foreclosures that critics argue were processed with improper documentation.”

Attorney General Eric Holder said yesterday that the Financial Fraud Enforcement Task Force is looking into the matter.

Developing…

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