FHA LOAN
This is an actual case...
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 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 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 then reigning monarch, Isabella. The
good queen, being a pious woman and careful about titles, almost as much as
the FHA, took the precaution of securing the blessing of the Pope before she
sold her jewels to fund Columbus' expedition. Now the Pope, as I'm sure
you 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 He also made that
part of the
world called Louisiana. He, therefore, would be the owner of origin. I hope
to hell you find His original claim to be satisfactory.
Now, may we have our damn loan?"
They got it.
