It’s about time. While I am one of the few people who actually took the time to read through all of the paperwork I was signing, much to the chagrin of the other people at closing, I for one think this is an idea that is well past it’s time.

The papers that U.S. borrowers sign when buying a house are piled so high that few people read them all, and even fewer absorb the information.

While no one blames the subprime crisis on complex documentation, some people now losing their homes as adjustable rate mortgages rise might not be in such dire straits if they had fully understood their loan, experts say.

These critics of the current documents say it is time to require home mortgage lenders to prepare a short, plain-English summary of each loan so consumers actually know what they are signing. Many in the housing industry agree.

Now if they could just get the truth-in-lending statement to be a bit more truthful we’d all be set, wouldn’t we?

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