"HUD plan to clarify mortgages raises ire" by Associated Press | June 13, 2008
WASHINGTON - .... HUD has proposed a comprehensive overhaul of the process of applying for a mortgage. And the agency predicts that simplifying the Good Faith Estimate, which spells out the thousands of dollars in fees the buyer is expected to pay when the deal closes, to help borrowers better understand the terms of their loan could save home buyers $670 on every mortgage loan on average, or $1.2 billion a year.
But any changes to the stack of paperwork that consumers must sign before buying a house will have a big impact on thousands of real estate agents, mortgage brokers, banks, and title companies, and they all want a say in how the documents look.
The deadline for comment was yesterday, and the real estate industry flooded HUD's in-box with cries that the changes would be complicated and costly, and don't necessarily make the process easier for consumers to understand."Yeah, the guys who got us into this mess want to be all in on out because they are looking out for us.
That why you guys sold us shit?
Not just the house, but this whole system?
