Regarding the April 20 story “Proposal asks mortgage lenders to verify income” in The Columbian Business section, I know the government is all messed up, but a new “rule required by the Dodd-Frank Act” ranks high on the stupidity list. This act would allow a person who borrows money for a mortgage to sue the lender if the borrower cannot repay the loan and the lender does not make an appropriate effort to prove that the borrower can repay the loan before the loan is granted.
How mixed up is that?
As a business owner, if I am not diligent in making sure those I do business with can pay me, that is my own fault. I would not expect anyone to sue me, because they could not pay me for something I provided for them.
Just one more reason the people need to get government out of our lives, and run things the common sense way.
Liz Elfring
Yacolt
