Honest to God I can not make this stuff up…  The leader of the new socialized world was on CSPAN all Friday. So my wife made notes of the comments he made and here are just a few:

1.  Housing prices have been declining the last five years…well gee, why do you think that is?…could it have something to do with over documentation, increased regulation and no jobs in the private sector, and your failed economic policies?

2: No more small print that you can miss…Gee whiz, is that why there are 34 new forms in the lending business since April of last year when they replaced a fairly great form called a cost estimate with a three page document called a good faith exact..that does not show the borrower the bottom line cash needed to close, the monthly payment including taxes and insurance and mortgage

insurance as a part of the whole payment, and a clear understanding of the closing cost estimate like we had prior to the new form  But by God we show them on three different pages exactly what we are making, but on each page you use a different way to show it, so none of the ways you disclose actually balance…yep this really clears it up, and oh by the way, since we have 34 new forms and if someone changes their mind you generate a redisclose of 16 new pages of documentation and is done once by the lender and once by the broker, and, yes, you cannot order the appraisal until the lender discloses…and if the value is wrong well nobody can talk to the appraiser, so tough on that one…hope for the best.

3:  Further comment on this is evidently the entire economic crisis was caused by a lack of forms before.  Honestly every lender now has their own forms and discloses differently depending on how their attorneys view the regulation.  No kidding aside, I had two big box lenders in my office together and ask them the exact same question and got different answers simultaneously

4:  When he and Michelle got their mortgage they did not understand the language and we have to simplify it because they’re both attorneys. (Now remember I know he was a community organizer, but did he ever really  practice law?). If so he would understand the forms he signed at closing were all prepared by attorneys!  Bottom Line:  The overt over government regulation on a capitalist society reaches a point of diminishing returns.  It becomes ineffective, and in the end until such time as real estate values stabilize and private employment is created without prejudice to those have the skills to accumulate wealth, you just fester in mediocrity.