The Bar Speaks

Dear Editor:

I read with interest the letter of T.J. Mullin of Clayton to the Journal regarding Thomas Burke’s article, which in turn had suggested we need to provide some public funding for legal services. Mr. Mullin was somewhat dubious.

I can suggest one place where it would be most helpful: inexperienced purchasers of new homes. These people are highly unlikely to get neutral considered advice on their purchase decision from title companies who only make a fee if the transaction goes through, from real estate agents who only make a fee if the transaction goes through, and from mortgage brokers who only make lots of fees if the transaction goes through. These buyers are people who are likely unfamiliar with notions such as points, loan origination (and other) fees, adjustable rate mortgages, home inspections, etc. The problem for all the rest of us is that when these people end up with a turkey on their hands on which much more is owed than worth, they tend to walk away and then the bank repossesses, the government bails out the bank, and we end up bailing out the government through taxes.

I can’t begin to tell you all the many ways that sharpies have invented in order to fleece the innocent in this short letter, but would be happy to discuss some other time.

Sincerely yours,
James B. Jackson
Independence