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.