As a local real estate attorney, I was thankful that your paper took on the issue of requiring banks to file a satisfaction of mortgage when the note is paid off. This will save homeowners innumerable headaches.

In a similar vein, I was hoping you would take up a related problem. At many closings these days, the borrowers funds are not wired into the bank attorney’s account by the bank until hours or even days after the closing. In addition to all the extra work and stress this creates for all parties, the bank is taking the interest on those funds from the borrower while collecting the interest on the money still sitting in its account. This isn’t right.

Now I am not a fan of over-regulation to solve every problem, but it must be addressed when an abusive situation like this becomes more the rule than the exception. It would be good if your paper again used the power of the press to push for reform so that all parties know that a closing is a really a closing.

Ian Wilder

North Babylon