President Barack Obama won't sign foreclosure bill

WASHINGTON - President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said yesterday.

The bill would have required courts to accept all out-of-state notarizations, including those stamped en masse by computers in a practice that critics say has been improperly used to expedite foreclosure orders.

"We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized," said White House communications director Dan Pfeiffer.

Separately, rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks.

The average rate for 30-year fixed loans dropped from 4.32 percent to 4.27 percent, mortgage buyer Freddie Mac said Thursday. The average rate on 15-year fixed loans dropped to 3.72 percent from 3.75 percent.

- Combined wire reports