Thursday, November 18, 2010

House sustains Obama veto on mortgage bill

House sustains Obama veto on mortgage bill:
"'The president took the responsible course in refusing to sign the bill, so we can give it a fresh examination in light of these concerns,' House Judiciary Committee Chairman John Conyers, D-Mich., said.

The House vote was 235-185 against overriding the veto. A veto override requires a two-thirds majority.

The legislation was meant to improve interstate commerce by requiring that notarized documents be recognized in any state or federal court. It would have allowed notarized documents to be processed electronically.

The bill's sponsor, Rep. Robert Aderholt, R-Ala., argued that his legislation had no connection to the recent foreclosure problems. 'This legislation expressly requires that lawful notarizations be recognized in other states and in no way validates improper notarizations.'

'Let's be a little more careful here,' responded Conyers. 'A million people are losing their homes.'

The White House, in explaining the president's veto a month ago, said the legislation could have 'unintended consequences on consumer protections.' Consumer advocates argued that it could make it difficult for homeowners to challenge foreclosure documents prepared in other states."

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