More Government Interference is at Hand

Well, the Federal Government is at it again.  There is a proposal to spend $60 million so HUD can set up counseling centers so they can analyze the loan a borrower is obtaining to purchase a house.  We all know how well the government is at managing money.  Now they want to lend their "expertise" analyze your loan package.

Under this loan counseling program 24 nationwide agencies, 5 multistate agencies and 463 state and local agencies would be set up.  There would be 4400 loan counselors set up.  Think of this, you find a buyer for a home, the buyer applies for a mortgage and is approved after a lengthy application process.  The buyer has signed tons of paper work including loan documents, disclosures, truth in lending and good faith estimates.  If anything changes, the whole process must be re-disclosed.  Finally you are ready to close but some "loan counselor" at HUD says the buyer can do better.  Oops.  Where will this all end.