The Solution to HR3915

A lot has been said about the detrimental effects of HR3915 and Title 3 , but this post by Matthew Graham sums it up best.  HR3915 and Title 3

For the most part the market has taken care of the problem. The "bad" loans have gone away and a lot of the "bad" actors are out of the business. But, do we really need the "State" to limit our choice of what type of loan we should be able to place on our own home? We already have enough laws on the books to put the bad guys away. Do we really need the Govt. to make it even harder and more expensive to get financing?

Mr. Graham proposes something really radical. Make people read their contracts or be accountable for not doing so. He proposes, and I agree, that a simple 1 page summary explaining the terms of the loan would help eliminate much of the confusion. While he states that it should be presented at closing, I propose that it should be part of the GFE, and be required to be sent out within 3 days of any proposed changes. Just a simple summary of terms.

What are your thoughts?

• Do we need to revamp the system?
• Is the market taking care of itself?
• To what degree do we (the State) need to protect us from ourselves?

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