Funny Underwriting story on FHA loan – Govt effiency ?

Not sure if true, but funny…

 

Part of rebuilding New Orleans caused residents often to be  challenged
> with
> the task of tracing home titles back  potentially hundreds of years. With a
> community rich with history  stretching back over two centuries, houses
> have
> been passed  along through generations of family, sometimes making it quite
> difficult  to establish ownership. Here’s a great letter an attorney wrote
> to
> the FHA on behalf of a client:
>
> You have to love this  lawyer…
>
> A New Orleans lawyer sought an FHA loan for a client.  He was told the loan
> would be granted if he could prove satisfactory  title to a parcel of
> property being offered as collateral. The title to  the property dated back
> to 1803, which took the lawyer three months to  track down. After sending
> the
> information to the FHA, he  received the following reply:
>
>
> (Actual reply from  FHA):
>
>
> “Upon review of your letter adjoining your  client’s loan application, we
> note the request is supported by an  Abstract of Title.
> While we compliment the able manner in which you have  prepared and
> presented
> the application, we must point out you  have only cleared title to the
> proposed collateral property back to  1803. Before final approval can be
> accorded, it will be necessary to  clear the title back to its origin.”
>
> Annoyed, the lawyer  responded as follows:
>
>
> (Actual response):
>
> “Your letter regarding title in Case No.189156 has been received. I note 
> you
> wish to have title extended further than the 206 years  covered by the
> present application.
>
> I was unaware any  educated person in this country, particularly those
> working in the  property area, would not know Louisiana was purchased by
> the
> United States from France in 1803, the year of origin identified in our
> application. For the edification of uninformed FHA bureaucrats, the title 
> to
> the land prior to U.S. ownership was obtained from France ,  which had
> acquired it by Right of Conquest from Spain . The land came  into the
> possession of Spain by Right of Discovery made in the  year
> 1492 by a sea captain named Christopher Columbus, who had been  granted the
> privilege of seeking a new route to India by the Spanish  monarch, Queen
> Isabella.
>
> The good Queen Isabella, being  a pious woman and almost as careful about
> titles as the FHA, took the  precaution of securing the blessing of the
> Pope
> before she sold  her jewels to finance Columbus ‘S expedition. Now the
> Pope,
> as  I’m sure you may know, is the emissary of Jesus Christ, the Son of God,
> and God, it is commonly accepted, created this world. Therefore, I  believe
> it is safe to presume God also made the part of the world called Louisiana
> .
> God, therefore, would be the owner of origin and  his origins date back to
> before the beginning of time, the world as we  know it, and the FHA. I hope
> you find God’s original claim to be  satisfactory. Now, may we have our
> loan?”
>
> The loan was  immediately approved.Clearing Title

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