Obama Shows A Spine! Will Veto Bill That Would Bail Out Banks From Foreclosure-Gate

According to ABC’s Jake Tapper, Obama will “pocket veto” the bill that would have allowed banks to lower the legal threshold for foreclosing.

The bill — which was rushed through the Senate near the end of the session — would have helped get the banks out of the growing foreclosure-gate scandal, whereby firms like Bank of America, JPMorgan, and GMAC found that their practices were flawed.

One piece of evidence that the legislation was a rush-job bank payoff was its brevity. It was less than a page, in sharp contrast to most financial legislation.

Anyway, don’t look for the financial industry to switch their allegiance back to Democrats anytime soon.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In