The federal government has finally adopted simple, clear mortgage disclosure forms. But the banks are stalling this move for another 2 years!
Long ago, The American Enterprise Institute put out a beautiful 1-page form that was all about transparency so you knew what you were getting into with a mortgage. I loved it when it first came out and I love it today.
In fact, much of the financial heartache our nation went through never would have happened if the AEI form was adopted as law of land *before* the real estate bust. Of course, that didn't happen and we know how the scenario played out.
The crazy thing now is that even though the feds have agreed to a similar form, the banks are dragging their feet. They say they need 2 years to get their act together to use it. So it's delayed until summer 2015.
The form is ready, it is done, but the banks are afraid of it because it puts the power in your hands. To me, that's Clarkrageous.
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