Obama vetoes foreclosure bill

Via Empowered News.

President Obama on Thursday did not sign a bill that would ease restrictions on notarization of foreclosure documents and allow them to be prepared electronically, citing concerns that the measure could worsen the problems caused my erroneous foreclosure documents filed by banks.

The vetoed legislation would have allowed mortgage firms to produce foreclosure files in bulk and replace a notary’s seal with a digital one, possibly worsening the existing problems with the documents, said O. Max Gardner, a consumer lawyer based in Shelby, North Carolina.

“They could process more foreclosure cases with improper and invalid documents and make it more difficult for consumers to try to fight,” Gardner said.