Obama Plans to Block Foreclosure Bill


As far as the housing crisis is concerned, the buck stops at President Obama's desk. The House and the Senate have passed a bill that would expand the acceptance of notarizations related to the foreclosure crisis, but Obama will use a pocket veto (he will refuse to sign the bill) to stop it from becoming law, according to spokesman Robert Gibbs. Thousands of improper notarizations, many signed by computer, have come to light in recent days as some of the nation's largest mortgage lenders have admitted to processing foreclosure cases that had not been properly reviewed. Gibbs said that the White House was concerned that the bill would not help consumers and instead would protect banks and mortgage processors from further liability.