But that doesn't mean that there aren't people out there, trying to let you know exactly what happened to it. It's just sad that the comedians and writers on the Daily Show are out there doing a better job than say, trained and credentialed Journalists and pundits.
So, let me start with a basic introduction to what's happened, courtesy of the Washington Post's webpage on this matter:
During the housing boom, millions of homeowners got easy access to mortgages. Now, some lenders have discovered many mortgage documents were faked, forged or otherwise mishandled. Ally Financial, J.P. Morgan Chase and PNC have halted foreclosures in 23 states as they attempt to determine the depth and scope of the irregularities. Bank of America has gone a step further, temporarily stopping all foreclosure sales nationwide. Meanwhile, attorneys general in several states have put moratoriums on all foreclosures, and politicians in Washington are beginning to push for a federal investigation into the matter. President Obama has "pocket vetoed" a bill that could make it difficult for homeowners to challenge documents prepared in other states.
One of the things about the bill the President vetoed, is that we're still not exactly sure how it got through the Senate in the first place.
Or are we?:
It happened because Calvin Coolidge, the 30th president of the United States, was a notary public from Vermont, according to Judiciary Committee aides.
It all started, the aides said, when committee chairman Sen. Patrick Leahy (D-Vt.) participated in an Aug. 3 "Why Coolidge Matters" event with the National Notary Association at the Library of Congress. "Senator Leahy was so very gracious to carve out some of his time to join us at the Library of Congress event, and we are grateful for his kind words regarding Calvin Coolidge as well as his support of the important roles played by Notaries Public," wrote Michael Robinson, executive director of the National Notary Association, in a Sep. 14 email to Leahy's office. Robinson asked if anyone from Leahy's office would be interested in H.R. 3808, the notarization bill that had passed the House of Representatives by a voice vote in the springtime.
"In September, after hearing from the National Notary Association....Senator Leahy, in consultation with the Committee's Ranking Member, Senator Jeff Sessions, examined the legislation," Judiciary Committee aides wrote in an email. "Having heard no objections from advocates, States or stakeholders, and having checked with the Department of Justice, the bill was discharged from the Judiciary Committee. It was passed with the unanimous consent after every Senate office was notified that it was being considered and there were no objections."
So...because a bunch of Accountants sucked up to Patrick Leahy (even though he's a Fort McHenry fave, not covered in glory here) dangling fellow Vermonter Calvin Coolidge like a piece of catnip, and suddenly this thing was pushed through with minimal reflection and examination?
Quick tip to Senator Leahy, who's forgotten more about Legislation than I'll ever know: if Jeff Sessions thinks a bill is unobjectionable...[if you can't guess the rest yourself, we're in bigger trouble than I thought].
Ezra Klein commented on the Bill itself and the President's pocket veto:
Is this an unexpected gift that will slow foreclosures and give distressed homeowners more leverage to negotiate principal write-downs in court? Is this a nightmare that will throw the housing market into chaos, freaking out other markets and slowing the necessary clearing? Both?
I'm still trying to figure it out. And it looks like I'll have more time to do so. The White House has announced that President Obama will "pocket veto" H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, which would've allowed banks to shortcut the current notarization process by forum shopping to states that are willing to sign off on anything. That might have fixed much of this foreclosure mess, but it would've fixed it by bailing banks out of a situation they created -- not the sort of thing the White House wants to do just weeks before the midterm.
Beardy McIdiot, aka Daily Show host and Rally-holder Jon Stewart put it another way:
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Foreclosure Crisis | ||||
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More as it comes, Bank of America has stopped foreclosures (as said above) but if you wanted a basic lay of the land, there it is.
