A competitive mortgage market that would work for borrowers requires an effective system of mortgage disclosures and a set of transaction simplification rules to equalize the playing field between borrowers and loan originators.

As indicated last week, an effective disclosure system would require that Congress remove itself from disclosure operations, eliminate all existing congressionally mandated disclosures, which are largely useless, and entrust sole responsibility to one agency that would set and revise the required disclosures as needed. Last week, I lamented that HR 1728 did not fix any of the deficiencies in the system of mandatory disclosures, but simply added more disclosures to an already excessive pile.

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