Scott Cheffer

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I believe there IS a story here. Chapter 1: The woman was not responsible for the credit card of her previous employer. Therefore it was either the ex-employer or the bank that made the mistake reporting the late payment as hers. Studies show that there are way too many mistakes on credit reports. I believe it was the FTC that said it often takes six months to fix an error. And there is little to no recourse for the consumer. Chapter 2: Let's say she was responsible for one late payment in the 4-year period since she bought her home. The card-issuing bank added a late charge. Now, she's assed an additional charge of $40 dollars per month. Chapter 3: She is 27, and has owned a home for four years. So she had some savings at 23. She got friends to rent from her. She recently got a better job. She sounds like a very independent and focused woman. Chapter 4: We were not spoiled over the past few years. We were victimized by banks that used poor underwriting judgment or committed outright fraud to churn out loans. We were victimized as investors when the ratings companies blessed piles of feces and called them miracle fertilizer. We were victimized as citizens while the regulators just pretended to be working. Chapter 5: It appears empathy is harder to come by than a mortgage. Unfair? Yeah.

In what country does HUD think it operates? Or should the question start, "On what planet..." They appear to be a buerocracy within the Republic.

I loved the column. It really hits the mark. Actually what the lenders should do is re-hire those 'expensive' (experienced) employees who could be trusted to make decisions. Even if their salaries were 50 percent more, and health insurance was double, the lenders would be ahead. Of course, that would require planning beyond the end of the quarter.