President vetos foreclosure bill

Congress passed legislation this week that would make it more difficult to fight bank foreclosures, but President Barack Obama said he will not sign the bill.

Consumer groups warn that the bill — titled the Interstate Recognition of Notarizations Act — would make it harder for people to challenge foreclosures because it acknowledges out-of-state documents.

According to ABC News, the president decided that the bill would harm too many homeowners during a tough economic time.

“It is something that, as you said, there has been a lot of news on, the processing of documentation, the resulting impact on foreclosures, and that is being evaluated….In general, there is concern, ultimately, about the situation,” said White House Spokesperson Robert Gibbs.

He declined to say more about the bill.