10-28-2008, 04:03 AM
Your argument is that the agreement language is easily understood by everyone who reads it. The reality is that it is deliberately obtuse, not easily understood, and very easily misreprented by the mortgage brokers salesmen. With the push for less documentation, they also pushed hard on the idea that you "did not need a lawyer, ours is good enough". That really worked well for many. Actual reviews of these kind of documents showed just the opposite of understandability, estimating needs of at least a college education plus specific business law training. Full disclosure became a way to bury understanding under the weight of incredible amounts of legal and semi-legal verbiage. Have you read all of the dozen or so pages of fine print for your credit card lately? Some of the mortgage disclosures I have seen are worse.