Bill Limiting Foreclosure Challenges Awaits Obama's Signature

foreclosureA bill that would make it more difficult to challenge the legality of documents related to foreclosures has passed Congress and is awaiting President Barack Obama's signature.

The bill was passed through Congress with minimal debate, Reuters reported. It would require courts to accept as valid document notarizations made out of state, Reuters said. That would make it more difficult to challenge the authenticity of documents related to foreclosures.

Lenders are expected to foreclose on 1.2 million homes this year, as high unemployment and sagging home values leave many borrowers unable or unwilling to pay their mortgages.

Advocates for homeowners say that many of the documents involved in these foreclosures were improperly prepared. Lenders GMAC Mortgage and JPMorgan (JPM) have halted foreclosures in some states while they deal with the documentation issue.

"It is troubling to me and curious that it passed so quietly," Thomas Cox, a Maine lawyer representing homeowners told Reuters.

The White House said it is reviewing the legislation.

The new legislation would make it more difficult to challenge documentation presented by large, out-of-state companies, Cox told Reuters.

The bill passed the Senate on Sept. 27, the day before recess. It was passed with unanimous consent, without the Senate Judiciary committee acting on it.






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aamoriello

1.2 million homes yet to be foreclosed on! Where do the homeowners go, i'm sure they don't have any resources or theyn wouldn't be losing their homes! And then, we have those of us seeking modification do to job loss increased arms and the economic crisis that has taken so much from so many of us and Obama wants to sign a bill halting investigation into the housing crisis. Where does he and congress come off with this after our tax dollars bailed out the banks? I thought our constitution "of the people, by the people, for the people" included all americans not just bif business. We "the people" are not responsible for the current crisis housing unemployment or otherwise but weare the ones bearing the brunt of it. Is anyone on capital hii worried about their health insurance, losing their homes or jobs or wondering where their next meal is coming from, I think not. How can our government sit back and allow this, we built this country, the hard working people of the us and now THEY want to take everything we earned away from us because big corporations were greedy and hid assests or stuffed t:heir pockets. WE NEED LEADERS THAT ARE FOR THE AMERICAN PEOPLE, THE MIDDLE CLASS (LOL), LEADERS THAT HAVE BEEN IN OUR SITUATION OR FACED WITH THE CRISIS' WE FACE ON A DAILY BASIS,WE DO NOT NEED THE WEALTHY RUNNING THIS COUNTRY THEY HAVE NO IDEA WHAT IT'S LIKE TO NOT HAVE AN INCOME NOT HAVE FOOD AND MAYBE EVEN HAVE TO TELL THRIE CHILDREN THEY CAN NO LONGER AFFORD TO SEND THEM TO COLLEGE (WHAT MOST OF US HAVE PREPARED THEM FOR ALL THEIR LIVES). aND WE CALL THIS THE LAND OF THE FREE, I THINK NOT, MORE LIKE THE LAND OF BEING AT THE MERCY OF THE WEALTHY GOVERNMENT OFFICIALS WHO HAVE NO IDEA OF WHAT THE "AVERAGE" CITIZEN IS FACING, HOMELESSNESS ( WHERE DO WE LIVE, THE STREET, A TENT, OUR CAR, tHEN SEE HOW DIFFICULT IT IS TO FIND WORK WITH NO ADDRESS! GET OFF OF YOUR ASS WASHINGTON START THINKING WITH THE BRAINS GOD BLESSED YOU , STOP THIS NONSENSE, STOP THE FORECLOSURES, BAIL US OUT JUST AS YOU BAILED OUT BIG BUSINESS AND MAKE THIS THE AMERICA OUR ANCESTORS LONGED FOR TO PROVIDE A BETTER LIFE FOR THEIR OFFSPRING NOT TO WATCH THEM LINING THE STREETS TO SLEEP. TOO BAD NO ONE WITH ANY POWER TO MAKE CHANGE WILL READ THIS OR TAKE ACTION. GUESS WE WILL JUST HAVE TO WAIT TILL THEY CHANGE OUR LOCKS AND SEND ALL OF OUR JOBS OVERSEES OR EMPLOY US AT A RIDICULOU7S WAGE THAT WON'T EVEN PAY OUR RENT OR OUR FORCED HEALTH INSURANCE. PERHAPS IT'S TIME TO ASK FOR HELP OR LEARN FROM OTHER POWERFUL NATIONS THAT WOULD NEVER ALLOW THIS. IF WE WERE IN THE SITUATION THAT WAS FACING CHILE WE WOULD HAVE GIVEN UP OR WE MIGHT STILL BE TRYING TO LOCATE THE MINERS. FOR THE RICHEST INDUSTRIALIZED COUNTRY WE SURE HAVE A LOT TO LEARN ESPECIALLY IN AID TO OUR OWN. REMEMBER CHARITY BEGINS AT HOME.

October 16 2010 at 12:47 PM Report abuse rate up rate down Reply
jkennedy806

Okay, it's my fault that I lost my job and can't find a new one. It's my fault that I sent out over 1000 resumes in 9 months, been to countless job fairs, and interiew a week, and obsessive about finding a job -- any job!!! And that's my fault. No I didn't make this problem. But I am a victim of the bigger problem which is a banking system way out of control, corporations who use any excuse to close up locations and go overseas, cause it's easier to get something into this country made overseas than to do it in the USA. Case in Point the $500.00 i phone. Made in China by cheap labor and sold to US for hundreds of dollars. GEEZ maybe some of these greedy CEO's should look in the mirror the narcisstic self serviing greedy skanks

October 07 2010 at 11:20 AM Report abuse +3 rate up rate down Reply
2 replies to jkennedy806's comment
velociwrangler

Thank you for so eloquently making my point.

October 07 2010 at 11:48 AM Report abuse +2 rate up rate down Reply
velociwrangler

The government cannot solve any of your personal problems, you made them and the solution to your problems is staring you right in the face everytime you look in the mirror.

October 07 2010 at 11:03 AM Report abuse +1 rate up rate down Reply
uspimain

from bailout to just throw you out of your home......elections are in NOVEMBER send a loud message voters......

October 07 2010 at 10:59 AM Report abuse +6 rate up rate down Reply
ajgorm

There you go we lose more of our rights everyday to big business. Take away our food stamps and make us bow down to banks for a chance in life and they have our game for us. Land of the free. May greed bow down to salvation some day is only a dream meant for fools..

October 07 2010 at 10:48 AM Report abuse rate up rate down Reply
1 reply to ajgorm's comment
velociwrangler

I've had three businesses in my life, two very successful and one I lost my shirt. The last business I sold myself w/o an attorney. However, each business was started and grown w/o a bank, just boot-strapped. Takes about three to four years longer, but you owe no one and can sell out w/o asking anyone's permission. The dream is still alive for fools like me who love the bump and hustle of life in America.

October 07 2010 at 10:59 AM Report abuse +3 rate up rate down Reply
velociwrangler

Hmmmm. The article notes that 1.2 million homes will be foreclosed upon this year. That seems to conflict, mathematically, with the report that home foreclosures are steady for the last 17 months at 300,000.

October 07 2010 at 10:26 AM Report abuse +3 rate up rate down Reply
LongBeard40

They could have done this years ago ? What took so long ? Oh Maybe they see the un-employment line getting closer....only 23 days ?

October 07 2010 at 10:19 AM Report abuse +3 rate up rate down Reply
1 reply to LongBeard40's comment
jkennedy806

It's election time, need some platform.

October 07 2010 at 11:14 AM Report abuse +2 rate up rate down Reply