Clayton Holdings emerges from the fold

HUD revives RESPA reform mortgagepress.comRESPA reform, abusive lending, industry input According to U.S. Department of Housing and Urban Development Secretary Alphonso Jackson, he will soon begin consultation with House and Senate Banking Committee leaders on formulating a new RESPA reform proposal. Secretary Jackson informed House Financial Services Committee Chair Michael Oxley that HUD has been analyzing various proposals to reform RESPA and that he'll seek congressional input on the best approach. "By your effort to work with Congress, it improves the chances that we will get a proposal that passes muster," said Rep. Oxley at an oversight hearing on HUD's budget. A similar effort at reforming RESPA to simplify the mortgage application and settlement process failed last year after running into strong opposition from Congress and the housing industry. Secretary Jackson has stated previously that he will consult with industry groups about RESPA reform this time around. For more information, visit www.hud.gov.