Obama kills bill: He will NOT make it easier for banks to foreclose on homes

President Obama has sent a bill designed to make it easier for banks and mortgage companies to foreclose on homeowners back to the House of Representatives for further inquiry. The bill was supposed to facilitate foreclosures in favor of banks. The brouhaha that erupted last week had to do with "out of state notaries" that were used to notarize, en masse, foreclosure documents that some argue have improperly evicted homeowners from their homes, in at least some instances.

This comes at the same time that many are calling for the Civil Rights Act to be amended to provide safeguards to minorities who are often disproportionately fed sub-prime, risky loans EVEN WHEN THEY HAVE THE SAME CREDIT SCORES AND CREDIT HISTORY AS WHITES. A recent study has shown that minorities are more than likely the victim of predatory lending, which leads to higher foreclosure rates, which means that minorities more than any other group are suffering at a higher rate than other groups on account of this sub-prime meltdown and the recession. This, for many legal scholars, amounts to the type of discrimination that the Civil Rights Act was meant to guard against and they are calling for an amendment to the act to hold bad actors accountable, to wit:

"Poorer minority areas became a focus of these practices in the 1990s with the growth of mortgage-backed securities, which enabled lenders to pool low- and high-risk loans to sell on the secondary market, Professor Douglas Massey of the Woodrow Wilson School of Public and International Affairs at Princeton University and PhD candidate Jacob Rugh, said in their study." Reuters.