A New Orleans lawyer sought an FHA ( Federal Housing Administration ) loan for a client. He was told that the loan would be granted if he could prove satisfactory title to property offered as collateral. The title dated back to 1 8 0 3, and he had to spend three months running it down. After sending the information to FHA, he got this reply: " We received your letter today enclosing application for loan for your client, supported by abstract of title. Let us compliment you on the able manner in which you prepared and presented the application. However, you have not cleared the title before the year 1 8 0 2, and therefore, before final approval can be accorded the application, it will be necessary that the title be cleared back to that year.
Annoyed, the lawyer replied: " Your letter regarding titles in Case No. 1 8 9 1 5 6 received. I note that you wish titles extended further back than I have presented them. I was unaware...Read more