Friday, November 19, 2010

Credit Where It's Due

A couple weeks ago the banking lobby got a horrible bill through Congress which would have allowed them to notarize property transfers, etc., where ever they pleased. Part of this has to do with the 'robosigning' scandal where Bank of America and others signed off on foreclosure documentation 'in bulk' and outside of the law of the municipalities where they were foreclosing. The icing on the cake is that at times they foreclosed on houses which not only weren't in foreclosure, but were houses on which the bank didn't even have a claim of any sort.

To correct this abuse, the banks sought to codify their conduct into law by allowing for 'least common denominator' notaries. For example, I could go to some easily corrupted/duped notary in South Dakota and transfer someone's property in North Carolina to myself (or so I've been led to believe), and the local court system which would clear up the mess would be crippled because the Federal law would force them to accept it.

How did the bankers get such a horrible law through Congress? Easy: voice vote in both houses. The spineless wonders couldn't get themselves to put their names down on such a wretched piece of legislation. Fortunately the blind squirrel that is our President found himself a nut and vetoed the law. I must say that I was amazed that someone (especially Obama) finally got a little bit of a clue that completely selling our nation out to the banks might not be the best idea.

Not to be completely thwarted the House decided to bring the bill up for an override attempt. There was a bit of suspense since many wondered why would the Democratic leadership bring it up for an attempt if they didn't want it passed?

Since the vote wasn't even remotely close (it wouldn't have even passed as a law, let alone overridden a veto) apparently the answer was: to cop out by not signing the law in passing it, but signing off on it's failure in a show of fake courage. The most interesting thing though was that when it came to this fake vote, one party voted to allow the banks to treat the law like a toilet while the other agreed to uphold the veto and unfortunately it came out the exact opposite as I would have hoped...

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