Gist: President Obama will not pass a bill that both the House and the Senate passed. It is a bill that would require state courts to recognize foreclosure documents that were notarized in other states. This would make it harder to challenge foreclosures when the documents were put together out of state--as they often are.
Furthermore, more than half of the mortgages in this country are in an electronic tracking system called MERS (Mortgage Eletronic Registration System). It was set up by banks who wanted to be able to trade mortgages more easily. MERS' role in the foreclosure process is now in doubt. The legal system will be tested on whether MERS has the authority to foreclose on a home, or not.
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