You guys have all missed the point. I debated on posting but now it no longer matters.
‘‘(I) for which the total points and fees
payable in connection with the loan do not ex
ceed 2 percent of the total loan amount, where
‘points and fees’ means points and fees as de
fined by Section 103(aa)(4) of the Truth in
Lending Act (15 U.S.C. 1602(aa)(4));
That's right folks, 2% fee has to include title, mortgage broker, appraiser, lender and all misc. fees.
Hope and Change just put about 90% of the mortgage brokers and title companies out of business.
I'm not a big fan of the manchurian candidate theory, but tell me why you would want tp put a large portion of the population out of work.... The answer is simple, if you can wreck the economy, destroy free enterprise, the people will be forced to rely on the government for its existence. The people will then be powerless to challenge the hand that feeds it.
I already predicted this day some years ago in an October Research interview about the future of title insurance and the real estate industry in general. Within 10 years we will have a 100% government takover of the real estate industry. They just knocked out 2/3 of the pie with this bill. Next is the elimination of the Realtor. Go ahead doubt me, I'm already 2 for 3.
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