The conventional wisdom about mortgage-lending disclosures is that the government should formulate and enforce disclosure rules because that ensures uniformity of disclosures across the market. I shared that belief for a long time. But if the government-required disclosures are useless or worse, which is the case, uniformity does not help borrowers. Indeed, poor disclosures can be worse than no disclosures because they lull borrowers into a false sense of security. Refi Bust: Mortgage Brokers Gone Wild!

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