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.
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