I just needed to vent a little

[Chibearsv]

I don't want this topic to start a bunch of major tirades but here's the idea:

I just needed to vent a little:

Yesterday late afternoon, a new June 19th (Juneteenth National Independence Day) federal holiday was signed into law and effective immediately.  In the mortgage world, this means I have to tell borrowers (you know, real people trying to get by) that all the refinance documents they already signed this week are incorrect since, by law, I now have to delay funds they are expecting for paying off their existing loans, or cash out funds that they are expecting for other uses.  Probably doesn't sound like a big deal to most but we've got to weather the storm of borrowers either verbally abusing us or making legal complaints to all the regulators I have to answer to.  In addition, we'll probably get a bunch of negative reviews in social media which will negatively impact our future business.  

It's really incredible how little thought there is in a room full of lawmakers.  We are in the midst of rules upon rules upon rules tripping over themselves to the point that businesses like ours will be frozen in regulations.  Okay, venting complete

[Corylax18]

June 19th is a Saturday, I thought all the banks were already closed for the weekend. 🤣

I agree with the sentiment of your post though. I totally understand the thought behind recognizing the date (which I didn't know the significance of until this year) but do we really need to shut the whole country down for the day to "celebrate" it? It is amazing how quickly and completely lawmakers seem to detach from the real world once elected. 

[Cairo]

If new federal holidays are created using an exponential function (to honor every group in the Woke Pantheon), I would calculate there will be no workdays left by 2040.

Hopefully the robots will be ready for a full takeover by then.   😛

[99call]

16 minutes ago, Cairo said:

to honor every group in the Woke Pantheon

I think this is pretty harsh. If the end of slavery isn't worth celebrating, what is?.......but I do believe people can celebrate a day, and also choose to go to work.  For example for something like Remembrance day in the UK, people are free to go about their business, but when the 11th hour strikes, people stop pay their respects, then go on their way. 

I think everything has to be taken in context, lots of bank holidays in the UK, have religious origins.  Do I believe in Christianity, no I do not,  do I have an issue with anyone who does?  no I do not.  There are even national holidays for Royal weddings, Jubilee years etc for me the idea of celebrating a family that are glorified for no discernable reason,  is just bonkers, but I understand that it means a great deal to other people and thats fine.  

Cultures and communities evolve, as do the things we see as being valuable to commemorate.    But I do maintain, the celebration of these days, should not require people loosing a days work. 

[Cairo]

8 minutes ago, 99call said:

I understand that it means a great deal to other people

You made my point.   Every deity in the Pantheon exists for a reason--and has its supporters.

[99call]

6 minutes ago, Cairo said:

You made my point.   Every deity in the Pantheon exists for a reason--and has its supporters.

My point was to criticise the use of the word woke.  I don't think you could classify people that think it's important to commemorate the end of slavery as 'woke'.  

 

[Woody Hayes]

There is no end to the phony pandering to different races by these vile politicans.  It's all a phony effort to appease certain groups so they'll continue voting for them.  Thus our so called leaders can stay in office and continue taking their payoffs and enriching themselves.  Do you actually think Biden, Harris, Pelosi, et al were ever concerned about having a holiday for the freeing of the slaves?  The only thing that kept them up at night was how could they stay in power and keep the money supply coming in.

Now they'll push reparations in the trillions and taxpayers will foot the ever increasing deficit.  Competent economists estimate we have given 22 trillion to minority communities since the signing of the Great Society laws.  When will it end?  Never.

 

 

[Cairo]

2 minutes ago, 99call said:

My point was to criticise the use of the word woke. 

I used the word very carefully.    "Woke" describes folks who are "virtue signaling", trying to insincerely convince others they are really good people.

Imho that perfectly describes the "holiday creators" of today and the future.

[99call]

1 minute ago, Cairo said:

I used the word very carefully.    "Woke" describes folks who are "virtue signaling", trying to insincerely convince others they are really good people.

Imho that perfectly describes the "holiday creators" of today and the future.

Maybe some people actually care about things.   People care about Christmas, are they woke?

[Cairo]

...declared a federal holiday in the United States on June 26, 1870.

3 minutes ago, 99call said:

People care about Christmas, are they woke?

If you are asking me about the motivation of folks in 1870, I plead complete ignorance.   😀

[Nino]

18 minutes ago, 99call said:

Maybe some people actually care about things.   People care about Christmas, are they woke?

A very unusual analogy IMHO.

While I do agree it is a worthy celebration day event - I do agree with previous posters - it is all about Money, Christmas and .... other events.

But when I grow up I wanna be a Marxist and buy a mansion in Topanga Canyon 🙂

https://www.bbc.com/news/world-us-canada-57277777?fbclid=IwAR0s4zyZZf3EQZ6oylX5gAbQNSnvcQKK-UQSuFJneDrRza6QHUE7766qxKM

Black Lives Matter's co-founder says she is resigning from its foundation, but not because of what she called right-wing attempts to discredit her.

Patrisse Cullors said Friday would be her last day at the foundation, which she has led for nearly six years.

The 37-year-old activist's finances came under scrutiny last month after it was reported she owned four homes.

Black Lives Matter started as a hashtag in 2013 and has since become a global movement.

Ms Cullors said she would step down from the Black Lives Matter Global Network to focus on her forthcoming second book, An Abolitionist's Handbook, and a TV development deal with Warner Bros highlighting black stories.

The foundation said it ended 2020 with a balance of more than $60m, after operating expenses, grants to black-led organisations and other expenses.

Last month the New York Post reported that Ms Cullors - a self-described Marxist - had bought a $1.4m luxury home in Topanga Canyon, near Malibu, and owned three other homes, including a custom ranch in Georgia.

Facebook banned users from sharing the story, citing privacy concerns, and a black journalist said he was locked out of his Twitter account after he posted the article.

Conservative critics - but also some black activists - called for an investigation into whether Ms Cullors had used the organisation's funds to enrich herself.

The grieving parents of Michael Brown and Breonna Taylor - two African Americans whose deaths at the hands of white police officers were often cited by Black Lives Matter - last month reportedly complained the organisation had done nothing to help them.

[Chibearsv]

I wasn't even posting regarding the necessity of another holiday.  My issue had everything to do with the ridiculous timing.  If it was important in their reasoning to make June 19 a holiday, why did it take until June 17 to make it happen.

1 hour ago, Corylax18 said:

June 19th is a Saturday, I thought all the banks were already closed for the weekend. 🤣

I agree with the sentiment of your post though. I totally understand the thought behind recognizing the date (which I didn't know the significance of until this year) but do we really need to shut the whole country down for the day to "celebrate" it? It is amazing how quickly and completely lawmakers seem to detach from the real world once elected. 

Most banks are normally open on Saturday and since (according to another law) they cannot close with that short a timeline.  They can't tell depositors on Friday that money won't be available to them on Saturday without plenty of prior notice.  So they will remain open.  Same is true for the US postal service.  They already announced that they are delivering mail on Friday and Saturday since they can't cease operations on that short notice.  But if violate my disclosure timing rules based on the new holiday, I risk fines by the CFPB and the investors that buy the closed loans will refuse to purchase loans that aren't re-done correctly.  Huge mess

[Puros Y Vino]

Mods seeing this thread.....

 

[Chibearsv]

5 minutes ago, Nino said:

A very unusual analogy IMHO.

While I do agree it is a worthy celebration day event - I do agree with previous posters - it is all about Money, Christmas and .... other events.

But when I grow up I wanna be a Marxist and buy a mansion in Topanga Canyon 🙂

https://www.bbc.com/news/world-us-canada-57277777?fbclid=IwAR0s4zyZZf3EQZ6oylX5gAbQNSnvcQKK-UQSuFJneDrRza6QHUE7766qxKM

Black Lives Matter's co-founder says she is resigning from its foundation, but not because of what she called right-wing attempts to discredit her.

Patrisse Cullors said Friday would be her last day at the foundation, which she has led for nearly six years.

The 37-year-old activist's finances came under scrutiny last month after it was reported she owned four homes.

Black Lives Matter started as a hashtag in 2013 and has since become a global movement.

Ms Cullors said she would step down from the Black Lives Matter Global Network to focus on her forthcoming second book, An Abolitionist's Handbook, and a TV development deal with Warner Bros highlighting black stories.

The foundation said it ended 2020 with a balance of more than $60m, after operating expenses, grants to black-led organisations and other expenses.

Last month the New York Post reported that Ms Cullors - a self-described Marxist - had bought a $1.4m luxury home in Topanga Canyon, near Malibu, and owned three other homes, including a custom ranch in Georgia.

Facebook banned users from sharing the story, citing privacy concerns, and a black journalist said he was locked out of his Twitter account after he posted the article.

Conservative critics - but also some black activists - called for an investigation into whether Ms Cullors had used the organisation's funds to enrich herself.

The grieving parents of Michael Brown and Breonna Taylor - two African Americans whose deaths at the hands of white police officers were often cited by Black Lives Matter - last month reportedly complained the organisation had done nothing to help them.

Not really too surprising except for how blatantly the hypocrisy is flaunted.  

[Nino]

9 minutes ago, Puros Y Vino said:

Mods seeing this thread.....

 

Guess I will take my comment over to the music section and just let Randy Newman speak for me ... 🙂

[99call]

2 minutes ago, Nino said:

But when I grow up I wanna be a Marxist and buy a mansion in Topanga Canyon 🙂

Nino, 

Whether it be capitalism or communism.  I see very little difference these days.  Some opportunist looking to exploit either people or a situation.    I'm not a fan of the organisation, BLM,  but I do support the principle of black lives mattering, and equal opportunity in general. 

My core point was;

A, I don't see the need for any enforced holiday,  we can commemorate and support whatever we want, but it should not require a day off

B, There is already a great deal stupid national holidays that that are affect, (and have been for a long time) than the idea to commemorate the end of slavery

C, Yes, political posturing is always at play, and pandering etc.  but i'm not interested in having to see every little thing in the world has having to be a part of 'the culture wars'. 

I'm not ultra right, I'm not ultra left. something like the end of slavery is seismic event in the history of man, It's commemoration should be pretty obvious.    but again, it shouldn't require a day off, or be enforced.  If someone doesn't agree with it fine.       

[Kaptain Karl]

I 100% support the holiday but the execution of it and allowing it to mess with the mortgage process was a very dumb oversight. 
IMO drop the politics…no need to drag them into this. The holiday is warranted and worthy. How they dropped it on those of us in the mortgage industry certainly is a frustrating. 

[sonarman81]

I think the complaint is about the lack of planning last minute and nothing else. 

[Nino]

14 minutes ago, 99call said:

 

Nino, 

 but I do support the principle of black lives mattering,

Same here. 150%

I'm not ultra right, I'm not ultra left. something like the end of slavery is seismic event in the history of man, It's commemoration should be pretty obvious.     

Same here. Pretty late too but happy it is here. If a nation agrees to have a holiday fine with me. 

But don't push anything down people's thoats - they are not that stupid ... ( I don't mean you, I mean gvmts and NGO's and other assorted scammers ... )

[Ryan]

I agree that 4-6 days notice of a new holiday is a bit short sighted to say the least. I worked in the banking industry for a long time and understand the mayhem that might cause. New holidays should have at least 4-6 months notice.

Having said that, I am a mod here and I hate hiding or deleting threads. Please keep it respectful of each other and all "others". Also steer clear of US-specific politics. Every country has holidays and every country has idiot politicians. It is not the fault of slaves, or commemoration of the end of slavery, that businesses have 4 days notice of a new holiday.

[Chibearsv]

1 hour ago, Ryan said:

I agree that 4-6 days notice of a new holiday is a bit short sighted to say the least. I worked in the banking industry for a long time and understand the mayhem that might cause. New holidays should have at least 4-6 months notice.

Having said that, I am a mod here and I hate hiding or deleting threads. Please keep it respectful of each other and all "others". Also steer clear of US-specific politics. Every country has holidays and every country has idiot politicians. It is not the fault of slaves, or commemoration of the end of slavery, that businesses have 4 days notice of a new holiday.

Actually, literally, one day

[Ryan]

6 minutes ago, Chibearsv said:

Actually, literally, one day

June 19th is on a Saturday this year. Does this holiday mean that your industry and the systems (internal and external) required for you to do business, legally cannot work? Or at least, will be required to behave differently to a normal Saturday.

[KCCubano]

I was in mortgage business for 30 yrs so feel pain. Tomorrow wont count as recission day so all fundings on refinance will be delayed a day. On a side note I see Bears looking to purchase Arlington Intl. What are your thoughts?

[Chibearsv]

3 hours ago, Ryan said:

June 19th is on a Saturday this year. Does this holiday mean that your industry and the systems (internal and external) required for you to do business, legally cannot work? Or at least, will be required to behave differently to a normal Saturday.

Yes, normally a Saturday normally counts as a "rescission day" but the law says that we can't count a day that is a "legal Federal holiday" as a rescission day.  So as an example, a borrower that signed to re-finance his home on Wednesday has a right to cancel the transaction (rescind) within 3 days (Thursday, Friday, and Saturday) if he doesn't rescind by Saturday, we fund his loan on Monday, normally, which is what all of his documents say I'm going to do.  Now I can't legally count Saturday as a rescission so by law, I'm not allowed to fund his loan until Tuesday.  This same problem will effect loans closing Thursday and Friday as well.  There's no way we can explain this to a borrower that will make them think we are anything but liars since it's too preposterous to be true.

 

3 hours ago, KCCubano said:

I was in mortgage business for 30 yrs so feel pain. Tomorrow wont count as recission day so all fundings on refinance will be delayed a day. On a side note I see Bears looking to purchase Arlington Intl. What are your thoughts?

It's something I've been hearing about as a possibility for decades.  Last time, the Bears made the same overtures and got the city of Chicago more pliant in their negotiations for the use of Soldier Field.  I suspect the same thing is happening here.  The only dynamic that might make things different is if McCaskey family wanted to sell the team to a rich guy like Bezos.  If that notion is possible, then he might want the Arlington Park property to build a new stadium, hotel, shopping, etc which would be a massive success.  Personally, I wish Churchill would just sell to the investors that want to keep it a race track but that's not going to happen.  It will be fascinating to me to see how it all plays out and if any party can out smart Churchill Downs Inc to keep racing alive.

[sonarman81]

5 minutes ago, Chibearsv said:

Yes, normally a Saturday normally counts as a "rescission day" but the law says that we can't count a day that is a "legal Federal holiday" as a rescission day.  So as an example, a borrower that signed to re-finance his home on Wednesday has a right to cancel the transaction (rescind) within 3 days (Thursday, Friday, and Saturday) if he doesn't rescind by Saturday, we fund his loan on Monday, normally, which is what all of his documents say I'm going to do.  Now I can't legally count Saturday as a rescission so by law, I'm not allowed to fund his loan until Tuesday.  This same problem will effect loans closing Thursday and Friday as well.  There's no way we can explain this to a borrower that will make them think we are anything but liars since it's too preposterous to be true.

Shouldn’t they know about the holiday?