{"id":489,"date":"2010-10-13T00:17:27","date_gmt":"2010-10-13T07:17:27","guid":{"rendered":"https:\/\/scotshonor.com\/?p=489"},"modified":"2010-10-13T00:17:27","modified_gmt":"2010-10-13T07:17:27","slug":"pocketing-recovery","status":"publish","type":"post","link":"https:\/\/scotshonor.com\/?p=489","title":{"rendered":"POCKETING RECOVERY"},"content":{"rendered":"

It is hard to describe the incredible incompetence of Nancy Pelosi, Harry Reid and Barack Obama.\u00a0 Just before congress recessed a bill was passed in both the House and the Senate that would have permitted the streamlining of loan document processing when banks are foreclosing on homes.\u00a0 This passed by voice vote in both chambers with no opposition.\u00a0 But, President Obama killed the bill, after a self-righteous proclamation, by refusing to sign it into law.<\/p>\n

The obvious incompetence of Nancy Pelosi and Harry Reid in letting this \u201ccontroversial\u201d bill pass on a voice vote is impossible to ignore.\u00a0\u00a0 Obama made this worse by making sure everyone understood why he was not going to sign the bill.\u00a0 Democrats gained nothing from this as what little political gain received by Obama is more than offset by the damage to Pelosi and Reid.<\/p>\n

But the real damage is that this bill just guarantees more delay in the recovery.\u00a0 No one expects any change in whether or not a home eventually gets foreclosed.\u00a0 All that will happen is that it will take longer and it will be more expensive.\u00a0 In the meantime, the immediate impact on the economy could be catastrophic.\u00a0\u00a0 Lawyers are already poised to take advantage of this mess.\u00a0 You can expect class action suits by skilled attorneys challenging every foreclosure that happened in the last two years.\u00a0 That means those people who bought foreclosed homes may now have to incur legal expense to prove they really own the home.\u00a0 In the meantime, sales on foreclosed homes have already come to a screeching halt:<\/p>\n

http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2010\/10\/08\/AR2010100806954.html<\/a><\/p>\n

This means recovery in the housing industry will be delayed indefinitely.<\/p>\n

I have no sympathy for the banks that got themselves into this mess by irresponsible lending practices.\u00a0 It is also hard to feel sympathy for those people trying to buy homes at bargain prices, since any gain has probably come at someone else\u2019s expense.\u00a0\u00a0 There are no heroes in this story.\u00a0 But, we are either a nation ruled by laws, or we aren\u2019t.\u00a0 No economy can prosper in the face of such widespread legal uncertainty.\u00a0<\/p>\n

No bank will be interested in loaning money for someone to buy a home, if they cannot protect their investment if the borrower stops making payments.\u00a0 Banks loan money because the loan was protected by the security in the property.\u00a0 If that security is not there, the only people who will be able to get loans will be people who don\u2019t need to borrow money.<\/p>\n

This pocket veto may do more damage to our economy than you can imagine.<\/p>\n

\u00a0TDM<\/p>\n","protected":false},"excerpt":{"rendered":"

It is hard to describe the incredible incompetence of Nancy Pelosi, Harry Reid and Barack Obama.\u00a0 Just before congress recessed a bill was passed in both the House and the Senate that would have permitted the streamlining of loan document … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-489","post","type-post","status-publish","format-standard","hentry","category-latest-headlines"],"yoast_head":"\nPOCKETING RECOVERY - SCOTS HONOR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scotshonor.com\/?p=489\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"POCKETING RECOVERY - 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