Zerohedge et al worried about a veto override for HR 3808 on Wednesday

[Emperor_Gestahl]

ZH and, you know, all of that crowd of sites are saying that the house may be trying to override Obama's veto of the notarization act tomorrow(today).

http://www.zerohedge.com/article/4c...-interstate-recognition-notarization-act-2010

No legitimate news coverage that I can find of this override attempt, but

http://clerk.house.gov/floorsummary/floor.html

for Nov. 15 does say that the "the House shall proceed to the constitutional question of reconsideration" on Nov. 17 regarding HR 3808.

Anyone here know if this override is likely/real, and if so have thoughts on whether Obama's consumer protection concerns regarding this bill (his reason for the veto) are something the public should be worried about? It's weird to see Obama and Zerohedge even close to agreeing on something..

http://www.whitehouse.gov/blog/2010/10/07/why-president-obama-not-signing-hr-3808

EDIT: John Carney at CNBC did say a piece about the bill back when it was originally vetoed:

http://www.cnbc.com/id/39553012

Also, at 2pm Tuesday Carney made this article "No MERS Bailout Coming from This Congress", which makes me more interested in whether or not this "veto override" is really being attempted on Wed. Granted 2pm does seem to be an hour or so before the internets started yelling about an override.

http://www.cnbc.com/id/40218912

 

[Kopji]

I can't imagine congress being successful at anything right now.

I know that interstate commerce is sometimes a weird and wonderful playground of important laws, but what's the big deal on this one?

 

[Emperor_Gestahl]

Well congress hasn't changed hands yet, not sure they're any less able to "be successful at anything" than they have been for the last few years. (edit)And the Senate apparently passed this bill unanimously the first time which makes me a tad uncomfortable just by itself.

(Edit: And the "big deal" presumably would be the fears voiced in that last CNBC link that it could allow fraud to occur retroactively in the MERS system. The White House also said some vague things about a threat to consumer protections in mortgages when it was vetoed the first time but like most politician talk there were no specifics.)

 

[Kopji]

The issue with congress not doing anything is the clear message that Republicans should fear to be moderate. I really doubt they are going to sign onto anything with the words 'bailout' as a label.

So Obama does not seem to share their consternation that there will be trouble if banks can't foreclose easily.

Yeah I'm trying to understand this. There are about 10 million empty homes. I presume the banks would like to start selling those and this would help that. But it also helps the taking homes away.

But who can get credit? What a mess. I think I'm with Obama on this one, it is sort of a 'let them sleep in the bed they made' response.

 

[Emperor_Gestahl]

Update: Apparently Zerohedge's sources were correct, there was a failed attempt to override HR-3808 today. Here's a link, apparently the real news decided to mention it now that it's over.

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/17/AR2010111705441.html

 

[The Central Scrutinizer]

Given the source, I'm almost afraid to ask - who or what is Zerohedge?

$100 says it's loony.

 

[Emperor_Gestahl]

It's a malcontent economics blog, plenty of spin and many of the the readers/commenters seem pretty kookish. Probably some audience overlap with infowars and the like, but ZH seems to at least rant about legitimate data and events.. No less credible than Fox News as far as I can tell.

Anyway I couldn't find any "legit" news outlets talking about the veto override yesterday just a lot of interweb alarmism. Now that it happened and failed it's made the regular news. Credit to the alarmists for breaking the story, though it turned out they didn't need to freak out over it.

 

[Beerina]

Does anybody know what the hell's really going on? I find it hard to believe it's all about foreclosure fraud or even foreclosure carelessness.

For example, is there a massive business in forcing companies to notarize things in many states that this will eviscerate?