Thursday, October 07, 2010

Bailing Out the Banks. Again.

You remember that Bank of America, Chase, and Ally/GMAC are tangled up in a little problem: actual documentation of the mortgages they claim to hold on properties they're foreclosing (or want to foreclose.) We call it the MERS-Mess.

Well, maybe that's been fixed. "Fixed" if you're a bank, that is.

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...

"Zoomed" isn't the word for it.

The bill’s approval involved invocation of a special procedure. Democratic Senator Robert Casey, shepherding last-minute legislation on behalf of the Senate leadership, had the bill taken away from the Senate Judiciary committee, which hadn’t acted on it.

The full Senate then immediately passed the bill without debate, by unanimous consent.

One can argue the merits; the House has passed similar legislation a few times before, but it died in the Senate--until THIS time.

HT: Malkin


steveegg said...

It was equally-zoomed through in the House, with Tammy Baldwin, a Republican supporter of the bill, and the Republican author all talking for a few minutes about passing it, with rules suspension and passage done via voice vote.

Oh yeah; Mike Castle was a co-sponsor. Gee, I wonder why, with all the banks in his state and his Democrat-In-All-But-Affiliation ways.

Jim said...

Unanimous consent? So it was bi-partisan then, right.

Oh yeah. Obama vetoed it, sending it back to Congress to provide more consumer protection against improper bank foreclosures.

What a tyrant!