Socially responsible mutual funds are an extreme example of asset gatherers using your values and neediness to turn you into a profit center for them. Socially responsible funds buy companies that they deem good corporate citizens or that follow certain religious or moral guidelines. They tend to avoid tobacco stocks, companies that discriminate or do not hire union workers, firearms and weapons manufacturers, and companies that pollute the environment.

While you are under the illusion your money is doing good, mutual fund companies operate on the hard fact that socially responsible fund investors do not trade funds and have low standards for investment return. These funds all buy the same stocks and produce the same mediocre returns, but their asset bases grow steadily. In recent years, socially responsible funds have been among the fastest growing asset gatherers. More importantly, your investment does not go directly to the company doing “good.” Your cash is used to buy shares from other stockholders who are tired of the company. A direct investment in a socially responsible enterprise or in a public offering of new shares is rare. When you discover that your money is enriching fund managers, not you or your causes, you may feel betrayed. If stocks are outside your comfort zone, you will feel better giving directly to the endeavor you support and investing the rest of your funds within your comfort zone.

This rule will impact each mortgage transaction, including applications (which are the basis for a Good Faith Estimate) as well as originations (which are the basis for a HUD-1). The following data indicate the volume of business that will be impacted by the rule.

Single-family mortgage originations doubled during the 1990s, rising from $458 billion in 1990 to $1,048 billion in 2000, then doubling during the refinancing wave of 2001 to $2,215 billion, before rising further during the continued refinancing waves of 2002 and 2003 to $2,885 billion and $3,945 billion, respectively. According to OFHEO, originations were approximately $3 trillion during 2004 ($2,920 billion), 2005 ($3,120 billion) and 2006 ($$2,980 billion).2 Originations are highest during years of refinancing; for example, the refinance share was one-half or more during the origination years of 2001 (57 percent), 2002 (59 percent), and 2003 (70 percent). In their March 2007 forecasts, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association of America projected a normal home purchase environment during 2008, as the average projected mortgage origination volume (over the three organizations) was almost $2.4 trillion. This serves as the basis for the baseline projection of $2,400 billion used in this economic analysis.

The current system for originating and closing mortgages is highly complex and suffers from several problems that have resulted in high prices for borrowers. Studies indicate that consumers are often charged high fees and can face wide variations in prices, both for origination and third-party settlement services. The main points are as follows:

There are many barriers to effective shopping for mortgages in today’s market. The process can be complex and can involve rather complicated financial trade-offs, which are often not fully and clearly explained to borrowers.

Consumers often pay non-competitive fees for originating mortgages. Most observers believe that the market breakdown occurs in the relationship between the consumer and the loan originator — the ability of the loan originator to price discriminate among different types of consumers leads to some consumers paying more than other consumers.

There is convincing statistical evidence that yield spread premiums are not always used to offset the origination and settlement costs of the consumer. Studies, including a recent HUD-sponsored study of FHA closing costs by the Urban Institute, find that yield spread premiums are often used for the originator’s benefit, rather than for the consumer’s benefit.

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