Tough time getting an FHA loan

cisco

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Dec 1, 2000
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usa/mexico
True story:

A New Orleans lawyer sought an FHA loan for a client. He was told the loan
>would be granted if he could prove satisfactory title to a parcel of
>property being offered as collateral. The title to the property dated back
>to 1803, which took the Lawyer three months to track down. After sending
>the information to the FHA, he received the following reply.
>(actual letter):
>
>"Upon review of your letter adjoining your client's loan application, we
>note that the request is supported by an Abstract of Title. While we
>compliment the able manner in which you have prepared and presented the
>application, we must point out that you have only cleared title to the
>proposed collateral property back to 1803. Before final approval can be
>accorded, it will be necessary to clear the title back to its origin."
>
>Annoyed, the lawyer responded as follows:
>(actual letter):
>
>"Your letter regarding title in Case No. 189156 has been received. I note
>that you wish to have the title extended further than the 194 years covered
>by the present application.
>
>I was unaware that any educated person in this country, particularly those
>working in the property area, would not know that Louisiana was purchased,
>by the U.S. from France in 1803, the year of origin identified in our
>application. For the edification of uninformed FHA bureaucrats, the title to
>the land prior to U.S. ownership was obtained from France, which had
>acquired it by Right of Conquest from Spain. The land came into the
>possession of Spain by Right of Discovery made in the year 1492 by a sea
>captain named Christopher Columbus, who had been granted the privilege of
>seeking a new route to India by the
>Spanish monarch, Isabella. The good queen, Isabella, being pious woman and
>almost as careful about titles as the FHA, took the precaution of securing
>the blessing of the Pope before she sold her jewels to finance Columbus'
>expedition. Now the Pope, as I'm sure you may know, is the emissary of Jesus
>Christ, the Son of God, and God, it is commonly accepted, created this
>world. Therefore, I believe it is safe to presume that God also made that
>part of the world called Louisiana. God, therefore, would be the owner of
>origin and His origins date back to before the beginning of time, the world
>as we know it, AND the FHA. I hope you find God's original claim to be
>satisfactory. Now, may we have our damn loan?"
>
>The loan was approved.
 
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