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White House Now Accepting Comments On H.R. 3808

Tyler Durden's picture




 

Bill H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, which was discussed yesterday, and which according to both Reuters and the NYT may have a material impact on mitigating the impact of the High Freq Signing scandal, at least on the servicers, is now open for public comments at the white house.

Those wishing to tell the president how they feel, may do so at the following link:

http://www.whitehouse.gov/webform/comment-legislation?billname=H.R.%203808%20-%20Interstate%20Recognition%20of%20Notarizations%20Act%20of%202010

We are confident the White House will promptly disclose all the "well-mannered" comments advising the administration on all sorts of anatomically impossible acts it should engage in should Obama sign off on this.

 

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Thu, 10/07/2010 - 12:49 | 632351 Bob
Bob's picture

Great comedy, Tyler! 

Illustrations, WB7?

BTW,  the "Tell Barry what you think" [cough] tool [cough] was very user-friendly, took less than 60 seconds.  Thanks for the link!

Thu, 10/07/2010 - 13:31 | 632776 JohnKing
JohnKing's picture

My comments to WH:

 

Hi Barack

You need to sign this right away or I'll have Timmy and Ben engineer another little "flash crash" in time for November elections.

Sincerely,

Lloyd

Thu, 10/07/2010 - 15:08 | 633262 Millivanilli
Millivanilli's picture

This is  like  Mao's 100 flowers campaign.   Tell us what you think, don't hold back, now.   3 months later you'll all be in fema camps pounding sand!

Thu, 10/07/2010 - 11:44 | 632355 Dr. Richard Head
Dr. Richard Head's picture

Voice votes are fun to pass bills as all those accountable are no longer so.  Can't have the plebes see who sold us to the bankers again, and again, and again, and again. 

Thu, 10/07/2010 - 11:45 | 632359 Mako
Mako's picture

You always have the right to challenge notarized items, it doesn't matter where it was signed.

Thu, 10/07/2010 - 11:46 | 632362 alien-IQ
alien-IQ's picture

I fear the potential legal ramifications of my possible comment and it's relation to my blood alcohol content. I will, therefore, refrain from expressing my views on the matter on any .gov type website heeding the advice of my attorney and bartender, whom are of course, one and the same.

Thu, 10/07/2010 - 12:09 | 632477 blunderdog
blunderdog's picture

Well-stated, as per Oscar Acosta:

"You're going to need plenty of legal advice before this thing is over."

Thu, 10/07/2010 - 11:48 | 632367 Cognitive Dissonance
Cognitive Dissonance's picture

What a wonderful way to join the White House watch list of possible domestic (or foreign) terrorists. Make sure you use your real name, address and a working phone number. And don't bother using a public computer, you home Dell laptop works just fine. :>)

Thu, 10/07/2010 - 11:51 | 632386 infotechsailor
infotechsailor's picture

just b sure and notarize your house to infotechsailor, in the event you get "suicided"

Thu, 10/07/2010 - 12:36 | 632571 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

For a few Gold Eagles, I'll be happy to assign my underwater mortgage to you. We can move forward from there.

Now, how do you spell your name? :>)

Thu, 10/07/2010 - 12:54 | 632644 TraderTimm
TraderTimm's picture

I believe the term now is "tubbed", or perhaps "Simmoned".

Thu, 10/07/2010 - 11:53 | 632396 Bob
Bob's picture

I'm thinking most of us crossed that event horizon long ago-o-o-o-o-o . . .

Thu, 10/07/2010 - 12:11 | 632481 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

Rest assured, if you're on ZH you've already crossed into the black hole. Thus the reason for the bold smiley face after my silly statement above.

Thu, 10/07/2010 - 12:15 | 632499 Bob
Bob's picture

Just FYI--I no longer use the Dell.  But, of course, they know that.  8>)

Thu, 10/07/2010 - 12:10 | 632480 UGrev
UGrev's picture

Do you live your life in fear all the time? or just when it comes to telling your (supposedly) representative government how to operate under the terms of the people. Regardless of if they listen or not; that's irrelevant.  If you think they care about you not being on a list,  you're a fool. You already have a digital trail. You're on a list...inside the government computer system etc etc etc. 

Thu, 10/07/2010 - 12:16 | 632498 Cognitive Dissonance
Cognitive Dissonance's picture

No, your wrong. I'm a law abiding American citizen. I've done nothing wrong what-so-ever so the government would never put me on any list or collect any information about who I am or my political beliefs or what I purchase or what web sites I visit.

The government only does that to the bad guys and then only with the written approval of a thoughtful and upstanding judge. So there. :p)

Thu, 10/07/2010 - 12:22 | 632514 Bob
Bob's picture

Of course everybody's already on the "list".  And that is everybody.  Insiders have reported plenty on the NSA junction boxes on the backbone of the web.  Why do ya spoze FISA gave retroactive immunity to telecoms? 

Fuck 'em, that ship really has already sailed.

Thu, 10/07/2010 - 12:24 | 632528 UGrev
UGrev's picture

Sarcasm duly noted. 

taking bets that I'm on more lists than you :) in fact, we should all overload their lists. When everyone is on the list...

Thu, 10/07/2010 - 12:35 | 632566 Cognitive Dissonance
Cognitive Dissonance's picture

You know you've arrived (at Guantanamo) when you land on the NSA's "List of lists".

Nirvana, waterboard style.

Thu, 10/07/2010 - 15:11 | 633271 Lucky Guesst
Lucky Guesst's picture

I'm not sure I want to know the total amount of lists I am on. I have been holding off asking my doc for xanax as long as humanly possible.

Thu, 10/07/2010 - 13:34 | 632784 A Nanny Moose
A Nanny Moose's picture

I don't like being on anybody's list. Not even Santa Effing Claus.

Thu, 10/07/2010 - 13:05 | 632688 drbill
drbill's picture

We're all already on a watch list. So you have nothing to lose by writing. Be sure to be especially sarcastic because sane rational arguments don't work with the government.

Thu, 10/07/2010 - 13:44 | 632826 pan-the-ist
pan-the-ist's picture

How about leaving a constructive comment rather than an emotional one?

Thu, 10/07/2010 - 15:25 | 633338 Lucky Guesst
Lucky Guesst's picture

Dear Barry,

You are grossly under qualified for your job and should seek help. If your job performance is delivering the exact results intended then you should probably "seek help" as well.

Sincerely,

Lucky's Proxy Server

 

Thu, 10/07/2010 - 15:19 | 633298 Real Estate Geek
Real Estate Geek's picture

Joking or not, it's revolting that over the past decade or so many of us, myself included, have perceived a chilling effect on free speech.

The Founding Fathers are probably spinning in their graves so fast that we should wrap them in copper wire and start generating some REAL power.

Although I'm not a fan of country music, I do like this song:

My Country My Ass:  http://www.youtube.com/watch?v=F7JY-pn-OkM

Thu, 10/07/2010 - 11:48 | 632368 Dr. Engali
Dr. Engali's picture

That hope and change feels good.

Thu, 10/07/2010 - 11:53 | 632393 Cognitive Dissonance
Cognitive Dissonance's picture

It was a tight fit, but they finally got it in there.

Thu, 10/07/2010 - 11:56 | 632409 Careless Whisper
Careless Whisper's picture

except for those that got a waiver

Thu, 10/07/2010 - 11:50 | 632379 belogical
belogical's picture

THANK YOU TYLER!!!!!!

Thu, 10/07/2010 - 11:52 | 632391 Husk-Erzulie
Husk-Erzulie's picture

Dear Barry,

This would be a good time to grow a pair.  But then again maybe hell freezing over is just a litte too much change.  By the way when is your next vacation and how's that drive shaping up?

Thu, 10/07/2010 - 11:57 | 632420 Bob
Bob's picture

Humor is the best way of making a difficult point--I hope he gets the full message from us. 

Thu, 10/07/2010 - 11:56 | 632412 John McCloy
John McCloy's picture

There is absolutely no mystery here.

Would signing off on this bill benefit banks? Yes

Was this done by banking lobbyists to increase their opaque transactions and shield them? Yes

Does the middle class take it in the buns if the bill is signed? Yes

  There you go folks. Dog and Pony followed up by a signature next week.

   In the interim maybe the Fed will shake the markets a little to ensure a signature.

Thu, 10/07/2010 - 12:18 | 632507 ZackAttack
ZackAttack's picture

Pocket veto, though, right?

It was presented to the president on 9/30. If he doesn't sign in 10 days, with Congress out of session, it's automatically vetoed. I don't know how weekends are handled, but that would make it Monday, close of business at the latest.

Thu, 10/07/2010 - 14:08 | 633006 Citxmech
Citxmech's picture

Is Congress out of session right now?

Pocket veto would be an easy way out if it's available - but the fact that this POS passed the Senate UNANOMOUSLY and is already through the House, leads me to believe that a "new and improved version" would be back on the President's desk the day after they reconvene.  This thing had to set a new record for rubber-stamping it's way through Congress...

BTW, anybody know how come the date in the title is 2009?

Thu, 10/07/2010 - 17:33 | 633753 MichaelG
MichaelG's picture

Can't find it on the Google as I'm far too drunk, but this (or similar) was originally introduced in 2006. Can't fathom why it's suddenly being rushed through, now, though. (I wasn't kidding drunkwise...)

Thu, 10/07/2010 - 11:59 | 632425 DaveyJones
DaveyJones's picture

They're taking comments, but the discount window banks have a new program that can move a million comments in a minute 

Thu, 10/07/2010 - 12:03 | 632452 Arseclown
Arseclown's picture

Tell the president how I feel...wow, how much time do I have?  Is there a censor close by?  Have that button ready, buddy.  It's about to short out...

Thu, 10/07/2010 - 12:04 | 632459 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

oh boy, I'd like to read the unedited version of that thread...

 

Thu, 10/07/2010 - 13:39 | 632806 Hephasteus
Hephasteus's picture

Ukrainian hackers with thier cpus out in the permafrost are probably laughing right now.

Thu, 10/07/2010 - 12:05 | 632462 Apocalypse Now
Apocalypse Now's picture

Most corporations have been incorporated in Delaware.

If Delaware passes a retro-active law allowing robo-signers without original documents, then based on this latest proposal the other states would need to respect it.  This is an expansion on the mere notary issue, but I think this is the direction.

That way a state would be responsible and nobody in Washington would take the heat for siding with the bankers that a congress person recently said "frankly they own the place".

We have a major structural flaw in our economy that may be intentional or an oversight, I'll leave it for others to judge the intent of the bankers.  Banks no longer have real deposits to loan out, the loan is literally created out of thin air.  So everyone that states home "squatters" do not deserve a free house is reasonable, but on the other hand should ownership of real assets revert to a bank that did nothing but create a loan out of thin air?

Everyone is focused on the P&L of banks, but they are backstopped and we need to start asking important questions like who owns all the houses and stocks with the for profit private Fed buying up all assets with our money - the BALANCE SHEET side. 

The banks won't let supply and demand work themselves out in the market to clear with a lower price, so more than likely if they kick out current residents the property will be empty for a long time (current inventory is well over a year).  So I ask you, who has more of a claim on a property - one that put down a significant down payment and a number of payments, or an entity that created a loan out of the air with a key stroke?  Think about it.  Think about the fraud, write loans to everyone backed up by hard assets and then take ownership of those assets when the inevitable happened once liquidity was reduced in the economy. 

As Charles Lindbergh said in 1913, from now on all deflation will be scientifically created.  Congress voted that they can invest based on insider information, so they could all be buying leveraged SPY calls on fed briefings about POMO actions along with those connected to the fed.  At least Obama gave us a tip last year when he said now would be a good time to invest for the long term - we need another indication now and we could all inflate together.  The market is now the fed, I said it months ago that TA and fundamentals do not matter - the only thing that matters as Lindbergh pointed out is what will BB do. 

Based on reality, record market cash outflows, economics/demographics, geopolitical risks, etc. logic says depression, biflation, less growth.  Everything is over valued based on this back drop, yields are essentially zero or negative considering inflation, they are trying to save the banks by starving everyone else.  So it becomes a question of what will BB do and what will the market makers that are trading against their own clients do?  Why risk getting shanked by the market makers with their intended volatility that eats up stop losses like a game of centipede?  We would need a signal to invest in this, or it is really just a casino.  Is the market the mechanism they will use to transmit inflation?  Should we all go long?

Were our founding fathers right about the international bankers and the warning that we would wake up tenants in the land that our forefathers conquered?  The fed is a private bank owned by the largest banks, and these are owned by a handful of powerful families that also own many other corporate interests.

Could the entire plot be a well thought out end game that results in transferring hard assets and product assets into their hands?  They own a printing press that can not be audited.  Understand that they do not need paper money, they OWN A PRINTING PRESS and would like to exchange that paper for real stuff.

 

Thu, 10/07/2010 - 17:48 | 633785 MichaelG
MichaelG's picture

-1 junk. It seems the gubmint is already reading our comments!

Thu, 10/07/2010 - 12:06 | 632464 MikeyKid
MikeyKid's picture

TD - Here's your chance to submit a comment "on behalf of your membership"...

http://www.whitehouse.gov/contact/organizations

 

Thu, 10/07/2010 - 12:07 | 632468 williambanzai7
williambanzai7's picture

Thu, 10/07/2010 - 12:12 | 632488 Bob
Bob's picture

LMFAO!!!!!!!!!!!!!

Thu, 10/07/2010 - 12:15 | 632501 Implicit simplicit
Implicit simplicit's picture

Priceless;>}

Thu, 10/07/2010 - 12:52 | 632634 Miles Kendig
Miles Kendig's picture

Pass the Old Spice

Thu, 10/07/2010 - 12:11 | 632486 Miles Kendig
Miles Kendig's picture

You fuckin' fucks need to get up off your fat fucking asses and call collect, fuckin' call direct, just make fuckin' damn fucking sure to call 800-FUCK-OFF today !  Thank fuckin' god I fucking no longer have to fuckin' staff that fucking worthless piece of shit call center or fuckin' need to concern myself with you fuckin' fucks finding out "Rose" lives in fuckin' Mumbai (Which is where we fuckin' maintain all that fuckin' crap).   Fuckin' call and go off.  Yell and fuckin' scream like the little fuckin' bitchez you are.  Fucking whine & snivvel about how we are so fuckin' unfair while we randomly decide who fuckin' owns your fuckin' fucked up motherfucking clapboard and red brick special, just like that stupid fuckin' 401K.  Just make fucking real sure and remember, I am the only fuckin' change you need to fucking believe in, to tip your sweet assed bartender and that Chez Shalom fuckin' does Asian Carp like a fucking champ.

- Love Rahm

Thu, 10/07/2010 - 12:17 | 632503 Cognitive Dissonance
Cognitive Dissonance's picture

Wow!

I can feel the love.

Thu, 10/07/2010 - 12:30 | 632536 Miles Kendig
Miles Kendig's picture

Oh ya.  Big love.  I love missing Rahm being there.  I never knew Rahm was a Daily before, even if he is part of a distant Scottish branch of that Chicago family.  Gotta love the Scots-Irish since I am one myself.

Thu, 10/07/2010 - 12:20 | 632513 reading
reading's picture

Fax your comments:

202-456-2461

Dear President Obama:

I am finding myself more and more exhausted by the politics du Jour. It was recently brought to my attention that we have managed to have swift, sweeping and bipartisan support of a bill which was voted on and sent to you with very little public knowledge, no discussion, no record of the vote and yet powerful consequences. Was this bill for unemployment benefits? No. What it a jobs bill to help stimulate job creation in the US? No. What is a tax bill? No. Was it a bill to help the economically distressed? No.

 

It was, to no surprise, another bill to protect and further the ability of the too big to fail banks to ensure they can control the economic and legal system to their own benefit. H.R. 3808: Interstate Recognition of Notarizations Act of 2009.

 

Should I find that surprising? Hardly. Given every opportunity to survive (thank you bail out via TARP), thrive (thank you stimulus), and most importantly clean up their mess (thank you mark to market), they've refused to address the underlying systemic deficiencies brought on by their complete abandonment of risk management. These poster children for moral hazard have simply found a new way make a mockery of the financial and judicial system on which this Country was built – mass foreclosure fraud using the same “Robo” methods used to process these ill-fated loans just a few years ago. If you need to know exactly what would define moral hazard – look no further than the sudden, swift bi-partisan efforts they've managed to convene to protect them yet again from the disaster of their own creation. Oh, they'll say they're protecting the little guy, but really do you believe that? I don't. When they decided to pay out record bonuses in 2009 it was clear exactly what they were doing.

 

You have the opportunity to take the weapons from them and force them to face their own consequences. I can only hope you will. Signing this bill into law would do more to wreck the esteem of this Country than any other single event at this moment in time as it will once again make clear that banks not only don't have to live by our rules, they can also change the rules anytime it's not going their way. It is time to prove that the rules of law apply fairly to ALL parties in this Country whether you are a bank, individual or other entity.

 

Sincerely,

Thu, 10/07/2010 - 12:26 | 632534 Bob
Bob's picture

Now that's sweet!  So elegant . . . makes me wonder if I should have been so crudely blunt. 

Nice work. 

Thu, 10/07/2010 - 12:50 | 632565 Miles Kendig
Miles Kendig's picture

Excellent.  Too bad the only folks who will ever read it are to be found right here at ZH .. and in Mumbai of course.  Please keep at it since sarcasm only goes so far.

Thu, 10/07/2010 - 12:55 | 632649 reading
reading's picture

I thought about just saying fuck you to the president and then thought "oh really...do I want all those black suburbans in the driveway?" I mean, what would the neighbors think?

Thu, 10/07/2010 - 13:32 | 632780 Bob
Bob's picture

That was a much nicer way of saying it!

Thu, 10/07/2010 - 13:48 | 632853 reading
reading's picture

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

I am certain he read my letter... ;-) [and yes, I am being sarcastic]

Now we have to wonder exactly what comes next...

Thu, 10/07/2010 - 14:00 | 632887 Miles Kendig
Miles Kendig's picture

Actually the suburbans have much better leg room than the crown vics do .. which is nicer for the poor civil servants that get stuck having to sit on any block for endless hours watching what folks cook for supper.  Just remember that when they're parked they can't tip their favorite bartender.  For the classic reference please advance to about 1:10.  Best -

 http://www.youtube.com/watch?v=S8U4eHPf-Rs

Thu, 10/07/2010 - 12:21 | 632517 Husk-Erzulie
Husk-Erzulie's picture

Go ahead, tell us how you really feel Rahm.  And yeah, fuckin' go ahead and use Bold and Italics, What the hell GO ALL CAPS TOO.  LO - fuckin _ L.  :~)

Thu, 10/07/2010 - 12:37 | 632572 Miles Kendig
Miles Kendig's picture

heh.  Nice pixels.  Rahm is the only voice of mine that has here.  So far anyway.

Thu, 10/07/2010 - 13:39 | 632813 A Nanny Moose
A Nanny Moose's picture

I pity the person in possession of that phone number.

Thu, 10/07/2010 - 12:21 | 632515 snowball777
snowball777's picture

Passed under unanimous consent, no vote record kept.

Cowardly traitors.

Thu, 10/07/2010 - 12:23 | 632523 beastie
beastie's picture

Put down the tinfoil hats and register your discontent.

 

Then jump on all the other forums you visit and give them the link.

Then email your 2 friends and let them know.

Lastly, if you happen to twatter, facefuck or mycrap put some graffiti on your wall or whatever it is you youngsters do these days that passes for protest.

If you think the govt doesn't have your name and phone number already you are mistaken.

The Women in Iceland and Greece would be dragging us all out the door to kick some ass.

Thu, 10/07/2010 - 12:27 | 632545 Bob
Bob's picture

Damn straight.

Thu, 10/07/2010 - 12:59 | 632671 reading
reading's picture

twatter, facefuck or mycrap

By far, the funniest damn descriptions I have ever read!  But seriously, you are right...they may not read the comments, but we may as well bury them in the volume.

Thu, 10/07/2010 - 13:19 | 632743 DaveyJones
DaveyJones's picture

"The Women in Iceland and Greece would be dragging us all out the door to kick some ass" - so true

Thu, 10/07/2010 - 12:23 | 632525 Apocalypse Now
Apocalypse Now's picture

Good post from Karl D on Market Ticker:

"

On it's face, this bill looks simple and would facilitate interstate commerce.

However, despite this appearance, you must not sign it.

Not all that long ago a similar bill was proposed.  It essentially nationalized what had been up until then a State's Right - usury laws.  These laws set maximum interest rates, and were state-specific.

The credit - that is, bank - industry argued that everyone should have the right to have credit cards on consistent terms, and that this would promote interstate commerce.  They won.

What happened?

The Banks then shopped for a couple of states where they could bribe the legislature with a bunch of call centers and jobs.  They found South Dakota along with a handful of other states, which had no usury law at all.

By doing this we welcomed into the world the 39% credit card interest rate and destroyed the 50 State's ability to discern that this was an abusive practice that they should not allow anyone to subject their citizens to.

Now the banks are at it again, and they will once again abuse the law.

Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless.

This law will force every other State in the Union to accept that signature even though it signifies nothing.

Notarization is an extremely important legal protection.  It provides verification that the person who is alleged to have signed a document in "wet ink" actually did so, and actually made a personal appearance in front of the Notary. 

Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function.

We must not allow "foreclosure mills" - or any other scheme - to destroy these protections.  HR 3808, while appearing to be innocent and intended to promote commerce, will instead promote and elevate fraud through our financial and land title system."

Thu, 10/07/2010 - 12:51 | 632611 Bob
Bob's picture

Yeah, just another little itsie-bitsie Trojan Horsey . . . isn't it so cute!  Makes bathtime so much nicer . . .

Then Chester The Child Molester slips out and spoils the fun. 

Thu, 10/07/2010 - 12:28 | 632547 williambanzai7
williambanzai7's picture

Thu, 10/07/2010 - 12:58 | 632663 Husk-Erzulie
Husk-Erzulie's picture

Barry,

Do this for us and we'll send you a whole carton of Virginia Slims (ultra lite, of course).

                                                                                                    Timmay

Thu, 10/07/2010 - 13:21 | 632748 Cognitive Dissonance
Cognitive Dissonance's picture

I find it hilarious that the Commander in Chief is out in back of the White House sneaking a smoke at 1 AM with the on-call cook and the night shift janitor.

Thu, 10/07/2010 - 13:49 | 632859 Husk-Erzulie
Husk-Erzulie's picture

Barry, Timmay, Duuuudes,

Real Gansta's smoke cigars (intern scented).  Umhkay?

Thu, 10/07/2010 - 12:29 | 632556 snowball777
snowball777's picture

Please do not sign this bill and void the rights of millions of homeowners. As a citizen and first-time homebuyer, I need to know that the title attached to any property I might buy isn't in a quasi-legal limbo that may cost me thousands to defend to keep my home. Think of the cross-state scams that will be enabled by this explicit loosening of existing property law.

Don't make another mistake on behalf of Wall St; you can't afford to, politically.

 

My (increasingly-debased) 2 cents for BO.

Thu, 10/07/2010 - 12:35 | 632567 davidsmith
davidsmith's picture

This act won't have any effect on lawsuits now or in the future.  It doesn't sanction fraud, and doesn't prevent you suing for fraud.  IF the signature is good then it's good electronically, if it's bad then it's bad electronically or any other way. 

 

Believe me, the RICO suits are going forward.  What's important is to get the depositions of bank officials and servicers as to what contacts they had with any government officials about HAMP, affidavits, foreclosures and so on.

 

They will find that the orders for the phony affidavits came from on high.  Purpose?

 

TO HIDE THE AMOUNT OF BAD DEBT ON BANK BOOKS.

 

That's what this WHOLE charade has been about.  Nothing else.  Not trying to recover money on a bad loan--and that's because the U.S. has already forgiven home mortgage debt.

 

The purpose has always been

 

TO HIDE THE AMOUNT OF BAD DEBT ON BANK BOOKS.

Thu, 10/07/2010 - 12:36 | 632573 beastie
beastie's picture

Vote or die.

Whatever the hell that means.

Thu, 10/07/2010 - 12:48 | 632621 SOLnow
SOLnow's picture

Comment left.  Waiting arrival of blackhawks.

Thu, 10/07/2010 - 13:26 | 632650 Dr. Acula
Dr. Acula's picture

Here's the text of the law:

http://www.govtrack.us/congress/billtext.xpd?bill=h111-3808

Maybe I'm dumb, but I don't see why it's so bad. It just sounds like Federal and State Courts have to recognize notarizations in different States. Is the problem that, going forward, people will seek notarizations from the State with the lowest standards?

 

Edit: OK, I thought about it a little and I think it will also cause States to lower their standards to drive up business. It will increase fraud - unless there are federal minimum standards in place for notarizing.

But I don't see how this will magically, retroactively fix problems for bankers who have already committed fraud.

Thu, 10/07/2010 - 12:56 | 632654 jal
jal's picture

Can you make more than one comment?

 

If I could I would say the following. Will you do it for me?


" Do not sign it before you receive the report from "Financial Fraud Enforcement Task Force".


All the investigator needs to do is to verify that the paper trail and the money trail are the same as per the laws governing "title".

 

If the two trails are not the same then it is proof that there was massif fraud.

 

 

Holder said the investigation will be handled by the Financial Fraud Enforcement Task Force, which includes officials from more than 20 federal agencies plus state and local authorities. "

 

jal

 

 

Thu, 10/07/2010 - 13:00 | 632673 Restore311
Restore311's picture

My message to Barry-O

"It's no longer TBTF for the banks and finanical institutions, it's now TBTS, or Too Big to Sue, so please sign this bill and do all you can to protect the banks and ensure they will never ever be held accountable...for anything"

Thu, 10/07/2010 - 13:24 | 632754 ThisIsBob
ThisIsBob's picture

Hay, what if the original mortgages were robo notarized.  Then what?

Thu, 10/07/2010 - 17:56 | 633796 MichaelG
MichaelG's picture

Yes, not actually a spine, as the first comment demonstrates quite well, but a pocket will do in a pinch. But who cares: if the geniuses of financial innovation are foiled, works for me.

Do NOT follow this link or you will be banned from the site!