David Dayen,”Housing crisis has led to breakdown of the Social Order”

Livinglies's Weblog

http://www.marketwatch.com/story/housing-crisis-has-led-to-breakdown-of-the-social-order-author-says-2016-06-08?link=sfmw_tw

By Andrea Riquier

Imagine the immense stack of papers that accompanies a home purchase closing.

Excited home buyers sign, sign, and sign some more. They sign even more now since the 2015 introduction of new regulations required by Dodd-Frank known as “know before you owe,” or TRID.

But does anyone actually read the documents being signed?

One woman did. In 2007, Lisa Epstein was closing on a mortgage with her husband for a new house. One problem was that she was pregnant. She could only read about five pages of the closing documents before having to excuse herself to run to the bathroom, wrote David Dayen in his book “Chain of Title.”

But another, bigger problem, Dayen noted, was that Epstein, a nurse, had no clue what she was reading. She wanted to appear responsible and she wanted to understand the process, but it was beyond her.

Besides, Lisa…

View original post 268 more words

One thought on “David Dayen,”Housing crisis has led to breakdown of the Social Order”

  1. That is sooo true; but the government is corrupted, and the banks just get free ride. It is because they purchased (though donation) the government officials, and their bills submitted without changed a word written by the banks; the congress turned green-light for the banks!
    People are too poor to pay lawyers to fight even we know as homeowner we were treated, and the banks know they cheated us, but they have plenty of money to buy out politicians to against each one of the non-organized homeowners individuals one by one…… Homeowners are like being slathered sheep!!! SAD!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s