Ginnie Mae ushers fixed-rate reverse mortgage securities to secondary market

FTC staff files comments on proposed amendments to RESPA regulationsMortgagePress.comFTC, comments, RESPA regulations The Federal Trade Commission (FTC) has announced the filing of comments to HUD regarding HUD's March 14, 2008 proposed amendments to RESPA regulations. In comments prepared by the Bureau of Consumer Protection, Bureau of Economics, and Office of Policy Planning, the FTC staff states that some of the proposed modifications could help consumers better understand and compare loan terms and closing costs. However, the FTC staff believes that some of them also may have the unintended consequence of further complicating the already complex mortgage process. The FTC staff believes consumers would benefit most if the federal government commenced a comprehensive effort to reform federal mortgage disclosures. In addition, FTC staff recommends that HUD reconsider its proposed expansion of the definition of "required use" of services that affiliated businesses provide. The FTC staff believes that the expanded definition could deprive customers of the lower prices that can result from bundling related services. For a copy of the FTC comment, click here.