While the banks and mortgage industry claim the primary goal of the proposed legislation was to facilitate "interstate commerce" the reality was quite different. Simply put, the bill would have enabled the nation's largest banks to push people out of their homes quicker by allowing banks to cover up deceit and fraud during the loan origination and foreclosure process.
While it is good news (for now) that President Obama did not sign the bill into law, this piece from MSNBC's Dylan Ratigan explains why our mortgage and real estate industries are now facing a legal mess. In a few words, those involved in financing and servicing mortgages are trying to hide the fact that they didn't care about qualifications, and did a piss poor job of documenting loans that they subsequently dumped on the
Worse, as Ratigan points out, there are a lot of people trying to cover up "systematic criminal and civil fraud at the highest levels of America's banks and in its political corridors."
Put another way, thanks to Wall Street and Washington the American taxpayer is getting the shaft, yet again.