Bachus: Credit card bill will make an already difficult economic situation worse

NAMB legislative update: RESPA amendment to HR 1728 accepted MortgagePress.comHouse Financial Services Committee, HR 1728, The Mortgage Reform and Anti-Predatory Lending Act of 2009, RESPA, Department of Housing and Urban Development On April 28, 2009, the House Financial Services Committee voted in favor of attaching an amendment to HR 1728, "The Mortgage Reform and Anti-Predatory Lending Act of 2009" that would withdraw the Final RESPA Rule. The amendment, offered by Rep. Judy Biggert (R-IL), stated that the Department of Housing and Urban Development (HUD) should work in conjunction with the Federal Reserve Board (Board) to develop and issue a new rule to address simplifying the mortgage process within six months of the passage of HR 1728. This is a victory for the National Association of Mortgage Brokers as the association had requested that HUD withdraw the RESPA Rule and work together with the Board to simplify the mortgage process in our comment letters, calls to action, and communications to Congress. HR 1728 is tentatively scheduled to be voted upon by the full House of Representatives on May 7, 2009. For more information, visit www.namb.org.