MIrabile dictu, for once Obama isn’t taking every order coming from the banking industry. There is no story up yet, merely a “Breaking News” headline “White House: President Obama will not sign foreclosure bill” and an e-mail alert from the Washington Post:
Amid growing furor over the legitimacy of foreclosure proceedings, a White House official said President Obama will not sign a two-page bill passed by lawmakers without public debate after details emerged that the legislation could loosen standards for foreclosure documents.
Before readers get too encouraged, this little measure only would have addressed at most a component of the bank mess (there was some dispute as to how broad the implications of the bill might be; we have been told by folks on the Hill that there was no legal analysis of the bill). So while this step is a potential sign that the era of carte blanche for banks may have ended, it is far too early to be certain.