A Christmas Poem About Mortgage Law Reform

There are some very witty and clever folks out there. (The level of my wit is at about, “A horse walks into a bar. The bartender asks, ‘Why the long face?’” And my clever rating maxed out after I finished the ‘Pick a Peck of Puzzles’ book that I ordered from Scholastic Books in 6th grade.) So today I thought I would dispense with the usual information and pass along this poem that a few nice readers sent to me yesterday (thank you!).

And until the usual mortgage news, market info, and investor updates return on Monday, have a Merry Christmas!

T’was The Week Before Christmas

T’was the week before Christmas
When all through the lands,
LO’s and Closers were wringing their hands.

RESPA changes are coming,
They all started to worry,
We’d better get trained, and get trained in a hurry!

We all kept on hoping
There would be a delay.
But HUD said, “No Way,” it’s all here to stay.

“We love our new HUD
And our new GFE,
Don’t fret, don’t worry, it’s as simple as can be.”

We all shook our heads,
Threw our hands to the sky.
What were you smoking? You must have been high!

You took a one page doc
And changed it to three.
Easier? More simple? How can that be?

The Regs don’t match up,
So now what do we do?
HUD says, “No comment, It’s all up to you.”

No info on TILA,
HMDA, REG B.
We are totally screwed, why can’t they see??

In a time when some borrowers
Think lenders are scary,
You’ve given 3 pages to make them more wary.

This doesn’t make sense,
Not one little bit.
We are all trying hard to not throw a fit.

So we will all do our best
To put borrowers at ease.
But make more reform, please, please, please!

Please bring someone in
Who knows just what to do.
What is best for both borrowers AND lenders too.

We are all still waiting,
Though not holding our breath
And hoping the government doesn’t “Reg” us to death.

So, on this week before Christmas,
I’d like to wish you
Good luck with RESPA, I need it too!