Early Morning Deliveries For 10/7/10: As Illegal Foreclosures Pop Up, A Disastrous Bill Is About To Past

In the midst of illegal foreclosures from the likes of GMAC and possibly the big banks being challenged, a bill that rushed through the House of Lords of all places is one Obama signature away from hurting homeowners:

A bill that homeowners advocates warn will make it more difficult to challenge improper foreclosure attempts by big mortgage processors is awaiting President Barack Obama's signature after it quietly zoomed through the Senate last week.

The bill, passed without public debate in a way that even surprised its main sponsor, Republican Representative Robert Aderholt, requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.

The timing raised eyebrows, coming during a rising furor over improper affidavits and other filings in foreclosure actions by large mortgage processors such as GMAC, JPMorgan and Bank of America.

How convenient that while 450 other bills from the House are still sitting on the Senate's docket, this bill of all growing disastrous issues gets sped right through to the President's desk.

Hopefully it will be vetoed, because the financial institutions of this country are on the verge of scoring another victory over the little guy.