I spent much of this afternoon listening to a webanar on the revisited Good Faith Estimate, revised to protect the consumers we're told. To Protect The Consumer Ya Right!
To believe this not only requires a a suspension of logic,you'd have to believe that Janet Reno saved the children she had barbecued at Waco, that Mrs Randy Weaver intended to do great bodily harm with a new born baby, and that Ellian Gondolas want to live in Cuba. Only a bureaucrat or moron can find solace in this missed labeled slight of hand.
As I listened I though that, that's livable, but it's nothing new, why didn't they just enforce the old law? Enforcement would have provided all the protection they claim to want. To Protect The Consumer Ya Right
Then I listened further. This law is going to raise the cost of mortgage money to the consumer! This law is going to lower the level of service lenders can provide. This law is going to make providing pre-application disclosures in a readable, usable, easy to understand form a violation. This law institutionalize contusion! This law institutionalize deception. This law institutionalize higher cost. This law helps no one except big banks.
This law serves no useful purpose!
I'd like to make my position clearer, but that would require vulgar jokes and HUD is already one dirty joke to many.
I started the day whimsically, then I buried it see: Self Imposed Restrictions VS The Open Mind
Comments(21)