The stimulus, apparently.....

[bruce MN]

"Given what is going on with the fraud in our mortgage industry"

One would have to assume that the fraudsters are going to do all they can to obstufacate anything they can at any and every turn for as long as they can. And you have to know that as we speak lawyers and bankruptcy advisors are telling thousands upon thousands of people "Don't move and don't send in any more payments because there is a considerably better than decent chance you'll own the place scott free within a  couple of years. Just bring in the paperwork that you have and we'll check the docs down at the courthouse and we'll go from there". Likely going to become a cottage industry. And peanuts compared to when it becomes the norm and commercial real estate, and maybe even Ag (worked like a charm in the '80s...there is a huge precedent to this and that is it) follow suit.

I think there are more people out there advocating bringing the entire mess into the sunlight, but at the same time it's like that day Sept. '08 when Dodd and McConnel etal looked like they'd just been told that there kids were all dead...the PTBs are being told just what awaits if that were to happen in a manner that would be clear to everyone. Like the Senators who voted for TARP and then against reform that nox put up and you offhandedly discounted.

The bond market knows. The banks know. The various depts. of the govt know. Just nobody wanting to turn Toto loose so he can grab the curtain.

[Samnospam]

The reform law is a joke and you've said so yourself. The mistake from those people was not voting against the reform law it was voting for the bailouts. There is already a class action suit against Loan Processing Services. Its more complicated than you imagine. Suppose you bought one of those foreclosed on houses, if the previous owners were fraudulently foreclosed on you may not actually own it. The purpose of the new law I posted is to make it more difficult for judges to question the notary on fabricated loan and foreclosure docs. The government, YOUR government, is again colluding with the fraudsters.

[bruce MN]

Yes...like I said...and it is all very comoplicated. Wiht no good end possible, I do bleieve. Marked to fantasy real estate is the marmalade on the toast.

Last I could find it was discussed in Congress was in April...no activity since that I can see and has there been a vote or some other form of passage.? You imply that it's on the Pres. desk. already. Is it actually and how'd it get there? Wanna link me to whatever scandal sheet it may have been that alerted you of this? Sound to me  like the kind of stew Tom Sowell or Suzie Fields would conjur up out of about only half of the pertinent information..

[Samnospam]

I gave you the link to the bill.  Its been on Barry's desk for a week.   It was just passed on the hush hush.

[bruce MN]

If it passed the House by voice and the Senate by "unanimous consent "there had to have been alot of folks from your side of the aisle who weren't opposed to it.

Do you have any idea if this was put into passage because of the mortgage document situation or for some other reason?What I could find said it was essentially the result of one aggrieved citizen taking their plea to their representative.

I'd be more worried about those 20 some states that don't involve the courts in foreclosures. Presumed creditors can probably run roughshod over citizens more than ever.

Has your AG gotten into the mix on this? Ours has, just this week.

[Samnospam]

Propping up the banks is definitely a bipartisan effort.

http://www.zerohedge.com/article/ohio-ag-cordray-sue-gmac-mortgage-and-ally-financial-may-sue-chase-...

http://www.huffingtonpost.com/jennifer-brunner/notarize-this-the-brewing_b_747461.html

http://www.marketwatch.com/story/ohio-refers-chase-unit-to-federal-prosecutor-2010-09-30

Hot and heavy, its election season.

[bruce MN]

You are lucky to have Ms. Brunner. We've got one like her up here in Lori Swanson...

A couple of good old fashioned pitbull Democrat women.

And I m sure that Ohioans everywhere are asking: "What would Ken Blackwell do?"

[Samnospam]

And I m sure that Ohioans everywhere are asking: "What would Ken Blackwell do?"

I doubt it, attention spans are pretty short.

I think nearly evey dem in state office is about to loss office via Obama's coat tails.   I may actually vote for Cordray, not that he is special but I won't vote for Dewine, maybe they'll be a libertarian on the ticket to spare me the trauma.

[Samnospam]

like I said.

http://www.cnbc.com/id/39550663

Bill Toughening Foreclosure Challenges Passes Quietly
Published: Thursday, 7 Oct 2010 | 4:28 AM ET


A bill that homeowners advocates warn will make it more difficult to challenge improper foreclosure attempts by big mortgage processors is awaiting President Barack Obama's signature after it quietly zoomed through the Senate last week.


The bill, passed without public debate in a way that even surprised its main sponsor, Republican Representative Robert Aderholt, requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.

The timing raised eyebrows, coming during a rising furor over improper affidavits and other filings in foreclosure actions by large mortgage processors such as GMAC, JPMorgan [JPM 39.90 0.26 (+0.66%) ] and Bank of America [BAC 13.39 -0.17 (-1.25%) ].

Questions about improper notarizations have figured prominently in challenges to the validity of these court documents, and led to widespread halts of foreclosure proceedings.

The legislation could protect bank and mortgage processors from liability for false or improperly prepared documents.

The White House said it is reviewing the legislation.

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

A deposition made public by Cox was what first called attention to improper affidavits by GMAC.

Since then, GMAC, JPMorgan and others have halted foreclosure actions in many states after acknowledging that they had filed large numbers of affidavits in which their employees falsely attested that they had personally reviewed records cited to justify the foreclosures.

Cox said the new obligation for courts to recognize notarizations of documents filed by big, out-of-state companies, would make it more difficult and costly to challenge the validity of the documents.

The law, the "Interstate Recognition of Notarizations Act," requires all federal and state courts to recognize notarizations made in other states.

The law specifically includes "electronic" notarizations stamped en masse by computers.

Currently, only about a dozen states allow electronic notarizations, according to the National Notary Association.

"Constituents" Pressed For Passage

[bruce MN]

Thanks for the info. Most discouraging.

I'd expect that the financial and real estate lobbies are prodding him for a quick sign. There surely is alot of energy going into keeping  breezes off of the house of cards and I expect that is what will ultimately lead him to sign it...one more in a series of seemingly endless predictions of dire consequences from the lead bankers.