Here's something to be thankful for this day: Elizabeth Warren in Obama's economic team, already protecting consumers. HuffPo's Shahien Nasiripour reviews the record, and finds she was instrumental in recognizing the potential danger in the out-of-state notarization bill that Obama eventually vetoed.
The bill, which passed both houses of Congress and awaited President Obama's signature to become law, essentially would have compelled notaries to accept out-of-state notarizations, regardless of the rules in those states.
State officials across the country--who have been pursuing probes looking into wrongdoing within the foreclosure process-- feared that those jurisdictions with lax standards could have become hotbeds for foreclosure documentation fraud. Lenders and mortgage companies could have used those states as central clearing houses to produce bogus foreclosure paperwork, and then export those documents to other states with more stringent regulations--an expedient bypass around the strictures.
Obama ultimately declined to sign the law, and the House of Representatives failed to override the veto.
Officials said Warren was among the first federal officials to recognize the significance of the notary bill, titled the Interstate Recognition of Notarizations Act of 2010. She met with authorities from several states and then relayed their concerns to influential administration officials.
During the morning of Oct. 6, Warren's team at the Treasury Department wrote the first memos on the bill, raising questions about the possible consequences if it became law, these people said.
That evening, Warren met for 30 minutes with Peter Rouse, Obama's interim chief of staff, her calendar shows. She later spent an hour on the phone with Illinois Attorney General Lisa Madigan, who once sued Countrywide Financial and exacted an $8.4 billion multi-state settlement.
The next day, Warren participated in an afternoon meeting on the bill, her calendar shows. During that meeting one of Obama's top spokesmen, Dan Pfeiffer, posted an entry on the White House Blog explaining why Obama would not sign the bill.
On Oct. 8, Obama declined to sign the bill into law, citing the need for "further deliberations about the possible unintended impact" of the bill on "consumer protections, including those for mortgages."
Documents released Wednesday show that Warren met or spoke with at least eight state officials leading a 50-state investigation into possibly-fraudulent mortgage documentation practices.
As Nasiripour notes, Warren is increasingly being targeted by Republicans who want to stymy the work of the new agency. Knowing full well the forces that would line up against her, Warren has been meeting extensively with "bankers and their representatives. Financial executives and lobbyists have noted that Warren was reaching out to them more than they initially expected." Hopefully that outreach will help immunize her from her critics, because we need her, as the notarization bill veto demonstrates.
(See MediaFreeze's recommended diary for further discussion.)
Macro Notes
Portugal now getting pressure to walk the plank?
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The FT Deutschland is reporting that the EU is pressuring Portugal to be the next to walk the plank and quickly accept a bailout package in order to head off the spreading of credit worries. This story however was denied by a German government spokesman and Portugal said they are not being asked. Either way, 5 yr CDS in Portugal, Ireland and Spain are rising to new record highs at 500, 600 and 320 bps respectively. To put these sovereign levels into perspective, California trades at 300, El Salvador at 310, Lebanon at 295, Hungary at 360, Coca Cola at...
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Small Business <b>News</b>: Small Biz Bonanza
On this day after Thanksgiving, we thought we'd create a feast of small business resources ourselves. Please dig in and enjoy every tasty morsel. This bonanza.
No Batmobile in Arkham City <b>News</b> - Page 1 | Eurogamer.net
Read our news of No Batmobile in Arkham City. ... Batman: Arkham Asylum 2 teaser 14 December, 2009. Latest News. Batman: Arkham City details emerge . Batman: Arkham City revealed, dated . Batman domains name Arkham sequel? ...
Can Mobile Phones Think?: Tech <b>News</b> «
Nokia's Beta Labs today released a new experimental application called Situations, and it portends a future where context awareness drives the mobile experience, and points to a time when our handsets will do the thinking on our behalf, ...
bench craft company scam
Here's something to be thankful for this day: Elizabeth Warren in Obama's economic team, already protecting consumers. HuffPo's Shahien Nasiripour reviews the record, and finds she was instrumental in recognizing the potential danger in the out-of-state notarization bill that Obama eventually vetoed.
The bill, which passed both houses of Congress and awaited President Obama's signature to become law, essentially would have compelled notaries to accept out-of-state notarizations, regardless of the rules in those states.
State officials across the country--who have been pursuing probes looking into wrongdoing within the foreclosure process-- feared that those jurisdictions with lax standards could have become hotbeds for foreclosure documentation fraud. Lenders and mortgage companies could have used those states as central clearing houses to produce bogus foreclosure paperwork, and then export those documents to other states with more stringent regulations--an expedient bypass around the strictures.
Obama ultimately declined to sign the law, and the House of Representatives failed to override the veto.
Officials said Warren was among the first federal officials to recognize the significance of the notary bill, titled the Interstate Recognition of Notarizations Act of 2010. She met with authorities from several states and then relayed their concerns to influential administration officials.
During the morning of Oct. 6, Warren's team at the Treasury Department wrote the first memos on the bill, raising questions about the possible consequences if it became law, these people said.
That evening, Warren met for 30 minutes with Peter Rouse, Obama's interim chief of staff, her calendar shows. She later spent an hour on the phone with Illinois Attorney General Lisa Madigan, who once sued Countrywide Financial and exacted an $8.4 billion multi-state settlement.
The next day, Warren participated in an afternoon meeting on the bill, her calendar shows. During that meeting one of Obama's top spokesmen, Dan Pfeiffer, posted an entry on the White House Blog explaining why Obama would not sign the bill.
On Oct. 8, Obama declined to sign the bill into law, citing the need for "further deliberations about the possible unintended impact" of the bill on "consumer protections, including those for mortgages."
Documents released Wednesday show that Warren met or spoke with at least eight state officials leading a 50-state investigation into possibly-fraudulent mortgage documentation practices.
As Nasiripour notes, Warren is increasingly being targeted by Republicans who want to stymy the work of the new agency. Knowing full well the forces that would line up against her, Warren has been meeting extensively with "bankers and their representatives. Financial executives and lobbyists have noted that Warren was reaching out to them more than they initially expected." Hopefully that outreach will help immunize her from her critics, because we need her, as the notarization bill veto demonstrates.
(See MediaFreeze's recommended diary for further discussion.)
Macro Notes
Portugal now getting pressure to walk the plank?
Peter Boockvar
The FT Deutschland is reporting that the EU is pressuring Portugal to be the next to walk the plank and quickly accept a bailout package in order to head off the spreading of credit worries. This story however was denied by a German government spokesman and Portugal said they are not being asked. Either way, 5 yr CDS in Portugal, Ireland and Spain are rising to new record highs at 500, 600 and 320 bps respectively. To put these sovereign levels into perspective, California trades at 300, El Salvador at 310, Lebanon at 295, Hungary at 360, Coca Cola at...
read more »
bench craft company scam
Small Business <b>News</b>: Small Biz Bonanza
On this day after Thanksgiving, we thought we'd create a feast of small business resources ourselves. Please dig in and enjoy every tasty morsel. This bonanza.
No Batmobile in Arkham City <b>News</b> - Page 1 | Eurogamer.net
Read our news of No Batmobile in Arkham City. ... Batman: Arkham Asylum 2 teaser 14 December, 2009. Latest News. Batman: Arkham City details emerge . Batman: Arkham City revealed, dated . Batman domains name Arkham sequel? ...
Can Mobile Phones Think?: Tech <b>News</b> «
Nokia's Beta Labs today released a new experimental application called Situations, and it portends a future where context awareness drives the mobile experience, and points to a time when our handsets will do the thinking on our behalf, ...
bench craft company scam
Small Business <b>News</b>: Small Biz Bonanza
On this day after Thanksgiving, we thought we'd create a feast of small business resources ourselves. Please dig in and enjoy every tasty morsel. This bonanza.
No Batmobile in Arkham City <b>News</b> - Page 1 | Eurogamer.net
Read our news of No Batmobile in Arkham City. ... Batman: Arkham Asylum 2 teaser 14 December, 2009. Latest News. Batman: Arkham City details emerge . Batman: Arkham City revealed, dated . Batman domains name Arkham sequel? ...
Can Mobile Phones Think?: Tech <b>News</b> «
Nokia's Beta Labs today released a new experimental application called Situations, and it portends a future where context awareness drives the mobile experience, and points to a time when our handsets will do the thinking on our behalf, ...
bench craft company scam
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