In response to foreclosure proceeding problems, President Obama won't sign a foreclosure notarization bill, his spokesman said Thursday.
Robert Gibbs, the White House press secretary, said the president will use a "pocket veto" to kill the bill that would require one state's notarization rules be accepted by other states.
"Our concern is unintended consequences — the unintended consequences on consumer protections, particularly in light of the home foreclosure issue and developments with mortgage processors," he said. "So the president is exercising a pocket veto, sending the legislation back to Congress to iron out some of those unintended consequences."
The Interstate Recognition of Notarization Act, sponsored by Rep. Robert Aderholt, R-Ala., passed the Senate in September and the House in April.
