'Twas the Night of the Christmas Closing

The Christmas Closing

‘Twas an hour before closing and the agents were tense,
To close Christmas Eve just didn’t make sense.
But the Seller was booked on the 6 o’clock flight,
And he warned, “there WILL be a closing tonight.”
The agents agreed because business was dead,
And visions of commission checks danced in their heads.
The loan was approved by the lender’s good grace,
Everyone knew ‘twas a borderline case.
The Buyers divorced, remarried again,
Divorced once more, and now were just friends.
The loan package complete to the closer was carried,
With instructions to close before they remarried.
The title policy arrived via UPS,
From page on through sixteen a terrible mess.
An improper legal, 3 judgments, 2 liens,
But a few lines on page seven looked pretty clean.
The title was cleared and the closing was set,
But to finish today was not a sure bet.
The closer dashed in waving her HUD,
It was covered with white-out, coffee and crud.
But down in the corner you barely could see,
The Buyer still owed a buck thirty-three.
So the closer extracted a bill from her compact,
And the agents agreed to the rest…on a contract.
To add some interest the Seller revealed,
To everyone’s horror-the well wasn’t sealed!
And, oh yes, he wanted to change the disclosure,
His mother just died of radon exposure.
Everything else in his house was okay,
His cracked floors and walls were always that way!
About that time the Buyer chimed in,
“We’d like to continue, but before we begin,
I noticed these papers-I’m likely to blame,
But I gave my agent my wrong legal name.
And one more thing I had hoped to avoid,
Does it really matter if I’m self-employed?”
About this time the closer exploded,
She pulled out a gun and said it was loaded.
Everyone froze and sat there amazed,
She frothed at the mouth and her eyes were both glazed.
More rapid than eagles her curses they came,
She bristled and spouted and called them bad names.
“The closing is off, do I make myself clear?
Merry Christmas to all, Now GET OUT OF HERE!”

A rose by any other name....Congressional Hearings

First, let me apologize for being so far in between entries. I had to get over my election depression and realization that life will go on, just maybe a little slower business-wise.

Today, I am at home with a sick child which allowed me to watch the Fannie & Freddie hearings. All I can say is how do these people walk?!?!?! These people have a Co-Jones (pronounce as if it was Spanish).

The Dems are still trying to deflect the blame to someone else, as well as, Franklin Raines et al.

I truly enjoyed watching Rep. John Mico (7th-FL). He spoke directly to Mr. Raines and told him that he was the problem. He directly asked him how much money that he had made during his tenure as head of Fannie. He said, without apology, NINETY MILLION DOLLARS ($90,000,000)!!!! That is right! Eight digits!!

I know that this is not news. But, it is the first time that is came from the donkey's mouth. (I know that the saying is for a horse, but he is a Dem).

These former heads of Fannie/Freddie all admitted that better underwriting standards would have prevented this mess. BUT, they do not take any blame for lowering the regulations or the underwriting standards! How can they do that with a straight face?!?!?!

Then, they had a question from a sympathetic Dem on the committee. This representative asked, "was it just a perfect bad storm that the housing market collapsed? Would having a 30% drop in home values cause such a situation?"

Good questions!! Except, THE only reason that we have a collapse of the housing market and a 30% decrease in home values is because of the lax underwriting standards (i.e. no verification of income, assets, etc.), Community Reinvestment Act (CRA) and pushing from congress and Fannie/Freddie to make these type of loans!!

Of course, the Dems and the leaders of Fannie/Freddie do not take the blame, who is to blame? As always blame the Republican held congress. However, they do not take any credit/blame for blocking any effort to regulate Fannie/Freddie. Fannie had its' own lobbyists and representatives killing every bill. They went on the hill and said everything is hunky and dory. Of course, that was not the case.

This ins not going to change under the Obama administration and the "NEW" congress. Remember, the Obama was involved with ACORN pressuring banks to make these exact type of loans. The Dems are in the pocket of Fannie and Freddie. I think that we will revisit these things again; however, just under a different name.

What's in a name? that which we call a rose

By any other name would smell as sweet....

or it could be like putting lipstick on a pig!!