Saturday, February 23, 2008

Kim Wade Speaks Out on House Bill #384 and the Legislature's Arrogance

House bill #384 (see note at the bottom) will result in less choices, more delays in closing and higher cost for services rendered and less satisfaction to all parties concerned if it becomes law.

Many a lawyer decided to try closing loans after tort reform was enacted. They soon discovered that the cost involved was prohibitive (Real Estate Law premiums are the highest in terms of errors & omissions policies for lawyers) due to the constant changes required by the lender. Other factors making it more expensive for the lawyer include the loss of income from other areas of practice due the time required for a problematic closing (which 5 out of 10 are).
An attorney may decide to reschedule a closing outside of the 24 hour window in which a loan commitment is good, thus requiring the lawyer or his staff to spend more time preparing a closing package as it has to be redrafted. The lawyer may have to pass up more lucrative work or cases because he has already committed to a closing time with the Realtors and borrowers. These are just some of the reasons that closing mortgage loans have a higher cost to the lawyer than other areas of practice.

Under this bill a paralegal can't close the loan as only the lawyer's hand may touch the paper work. This will cause a backlog in the processing and closing of other loans as other buyers and sellers have to wait for the loan to close. This will create much uncertainty in an industry already reeling from the subprime crisis. Agents and loan officers won't be able to speak with any degree of authority as to when a loan will close. Creating chaos where there is now none.

This bill is a grab by certain attorney members of the legislature through legislative fiat to dismantle the title closing industry and cobble the pieces together for their own aggrandizement at the expense of an industry and borrowers.

As far as I know, there have been no escrow or title closing companies has been cited as participants in the mortgage fraud that has cratered the real estate industry. (Kingfish note: It has actually been lawyers, not closing agents that have gone to jail recently in local mortgage fraud cases where the closing party was involved) The present set up has served all parties to the closing procedure well. This is another example of an insider using his elected position not to solve a problem but to import jobs to his profession and industry at the expense of the public's well-being.

This bill seems to be the hallmark of the legislation coming out of the legislature this session. The shameless examples abound. Legislators propose suspending eminent domain rules and due process in the Jackson State University area as they try to change the rules so the school won't be inconvenienced with timelines that might affect their plans and bottom line. The brazen attempt by some coin-operated legislators to extend the monopoly utilities companies have in this state to include the right to seize private property (cash out of pockets) of customers for future services that may never be rendered while the utility makes money off of the additional money through interest (that should belong to the taxpayer) while giving no ownership to taxpayers.

This is the same legislature that assured us after the beef plant debacle they had learned their lesson as they sat before us in sack cloth and ashes with all the contriteness a miscreant could muster. These three pieces of legislation represent the unbridled gall of the legislature. One should not be surprised at their audacity as they learned too well after last year's elections when the voters of this state did not send a clear message by throwing the authors of the beef plant fiasco out on their ears. These elected officials now feel bullet proof to now foist these type of bills upon us.

Kim Wade

Kingfish note: House Bill #384: Will change the current law from allowing a current employee of an attorney to handle a mortgage loan closing to requiring that the closing be handled by the attorney himself.

Current Law:

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS