Based on the way our current news business is run, you know that if there was even one family out there that was foreclosed upon while up-to-date on their payments, they would be on every new broadcast and in every newspaper in the country. The reason you haven't seen any of this is because the homes being foreclosed upon should be foreclosed upon.
THE NEW SYSTEM WILL DRAMATICALY DECREASE DEPOSITS INTO THE MIP INSURANCE FUND! No, really, it's true.
Unfortunately, I also know of several lenders who had knots in their stomachs every time they went to work (for builder-owned mortgage companies) because they were forced to do what they knew was wrong in order to keep the money coming in for their families. Could this explain why there are subdivisions that are only a few years old with a huge percentage of vacant and vandalized homes?
(Sung to the tune of The Twelve Days of Christmas.) On the first day of RESPA, the government gave to me, A PAIN IN THE BUTT NEW GFE. On the second day of RESPA, the government gave to me, Two tolerance levels, and A PAIN IN THE BUTT NEW GFE. On the third day of [...]
OK, so now that the new Good Faith Estimate (GFE) is "in use" those damn lenders are going to have to give us accurate estimates, right? Well… er… no.