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IPFS News Link • Housing

Obama kills foreclosure bill as fury mounts

• Reuters

President Barack Obama killed proposed legislation on Thursday that struck at the heart of growing political rage over how banks have moved to evict struggling borrowers from their homes.

The bill, which would have made it more difficult for homeowners to challenge foreclosures, came under the spotlight this week as the furor grew over disclosures that some of the biggest U.S. mortgage processors filed false affidavits in thousands of foreclosure cases.

2 Comments in Response to

Comment by Ken Valentine
Entered on:

 If I'm not mistaken, sending a bill back means that it's not acceptable as it is . . . make some changes. And it's usually sent back with recommended changes attached.

A sort of political way of saying, "Close, but no cigar."

Comment by Powell Gammill
Entered on:

Good thing it is an election.  Could someone tell me what sending it back means?  Usually the veto things. 

Obama sends foreclosure docs bill back to Congress