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Third, the Federal Government is taking regulatory steps to make the housing market more transparent and fair in the long run

The 'devil is in the details' and all that. I expect any new regulations on top of the old regulations will intentionally serve to confuse the process more while shielding mortgage brokers behind another layer of 'see I followed the regulations" bs. Regulations that noone outside the industry will no how to interpret or where to look for them. I mean seriously, who is going to write these regs, Countrywide lawyers?

Here's an idea. Let Countrywide lawyers write the regs. Let them write mortgages based on those regs. Then give those mortgages to an 11th grade class for one hour. What the kids say it means, is what it means.. legally binding. No coaching for the test. Countrywide does not pick the classroom, the homeowner does, but the kids have to be passing.

See if that helps with "transparency".

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