snoot,
Wow, that article sure does warn of a sinister plot!:
"The agreement does not create any new loan programs for poor or minority borrowers, but requires the lenders to do a better job of telling borrowers about such programs."
Oh. OK
My guess is that message amounts to signing a single sheet of paper with a small paragraph on it at the time of closing a loan which has already been decided upon. But let's continue ...
The agreement " … will also require lenders to designate a loan officer or department to handle consumer complaints and monitor their progress in making more loans to disadvantaged borrowers." I think I know that department. She's a good kisser!
And this too, "Although the voluntary agreement does not carry the force of law ..."
Well then, let's just fold that agreement up and fly it to the waste basket like an airplane. Some vague segment of the mortgage industry (that part which also has banking activities, which I learned from a reliable source) just signed something containing no force of law so that they could avoid force from where, huh, what? It just doesn't get any funnier than that.
So snoot, I've bought a number of properties during that period, and except for the last big one for which I paid cash, the others were written with either banks or mortgage companies. So I was probably a victim of that process but don't have any recollection of it. Before I signed anything, I've always seen what loan styles were available and decided what I wanted to do. Then we sat down at a table to sign all the papers. And as I sign the actual loan paperwork I also had to sign a whole bunch of single sheets, each one informing me of all sorts of other mostly inconsequential things along with warnings of this and that, and I sort of scan them, but I don't look at them very closely because I already want the loan and know what I'm doing. And while I'm doing that, the agent sees that I'm a little annoyed with all the paper signing crap, so he volunteers, "you know, we have to make you sign all that crap, and well, you know how all the lawyers are and blah, blah, blah."
Some of those sheets remind me of property lines, and neighbor's rights, and building codes, and flood zones, and earthquake zones, and rate increase schedules on variable rate loans, and how much time I have to back out of the purchase agreement, and tree removal, and sidewalk upkeep, and camper or boat parking, and underground utilities, and TV antenna height restrictions, and the list goes on and on.
And I'm guessing that the department that handles consumer complaints at the mortgage company was always that hot chick that takes all the incoming phone calls.
Do ya think that secretary sounds like Lily Tomlin as she answers the phone ... snort, snort?
So … what else ya got?
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