Obama rejects foreclosure-documents legislation

President Barack Obama is sending legislation that would make it more difficult for homeowners to challenge foreclosures back to Congress for revisions, according to Robert Gibbs, press secretary for the White House. Congress quietly approved the bill as concerns mount over misleading or flawed foreclosure documents. The White House said the bill would have "unintended consequences on consumer protections." "The dust-up is not about the substance of the mortgage documents but rather about the technical requirements of executing an affidavit," said Scott Talbott, senior vice president of government affairs at The Financial Services Roundtable.

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