The American Public not so smart says HUD & Washington DC....

Sixty million dollar Obama program says "we know best" and wants to review your loan docs....I KNOW how cool is that? (he says in a tone of resentment) They (the government) think they are better equipped to tell you how to manage your money!

Well bust my buttons - 24 national and regional organizations, 5 multi state organizations plus 463 state and local housing counseling agencies. Yippeee!!! (getting a little more smarmy) 4400 counselors will be available to add their opinion about your loan. I am in awe of my government - how do I put my pants on in the morning?

So let's review. You will have 2 inches of disclosures thanks to Barney Frank and friends from both sides of the isle plus I will be disclosing the disclosures I disclosed to you after I initially disclosed it to you - (and I CAN'T WAIT to spring the new good faith estimate on you -COMING JAN. 01- see previous blogs) then your file will be underwritten - all the information is re-verified in multiple redundant systems over the course of the process then here comes your newly trained counselor to review all of this for you and provide their sage advice because they (your counselor) after working at the coffee stand since high school went through the HUD two week training program equipping them to counsel people making the most important financial decision of their lives....It's all good! If you don't believe me ask the folks going into foreclosure how the HUD counseling worked for them.

Banks don't train their people adequately to be loan officers so how do you feel about the government handling this when it is the government overseeing our financial system and this same government after many warnings allowed this financial meltdown to ocurr?

Sorry - I can't take this why should you? Why would I be so opposed to this non-sense? Is it because I am afraid of the educated public....no....is it because I am a sinister individual that preys upon the weak?....no ...Is it because I don't know what I'm doing so we need the government originating your loans?....no...

All the above activity plus add to this the discriminatory practice of a credit scoring system that artificially jacks your rate. Add the goofball (courtesy of Andrew Cuomo AG of NY) HVCC -appraisal process that is killing the consumer and adding more cost to the process doing nothing to prevent stupid nor does nothing to prevent bad behavior. Am I making sense?

This is a classic example of cover for the political bodies that should have been overseeing this to begin with and they dropped the ball. The result is what we see today (as the stock market soars over 10,000) the 200 million under represented American, the middle class is handed down crap like this.

America - you are not "stupid" so when will you finally say enough?

Please, I beg of you, write your representative. Ask them to strengthen oversite instead of subjecting us to all this "stupid". Lack of oversight has always been the problem wouldn't you agree?

I wish us all well.