Real Estate & Property Law

240 Representatives send a Letter to HUD

By Dave Wirsching & Francine D'Elia Wirsching

A majority of Representatives urge HUD to scrap the RESPA reform (ALTA - Industry News):

More than 240 of members of the House of Representatives have signed a letter urging federal regulators to withdraw their proposed changes to the Real Estate Settlement Procedures Act (RESPA) and work with the Federal Reserve on simplified disclosure forms instead.

"To expedite this process, we also ask that you discard the hundreds of pages of HUD's current proposed RESPA rule that have not previously been the subject of public comment and cover a number of subjects beyond disclosures," the letter said ? an allusion to incentives HUD proposes to create for packaging settlement services such as title insurance with loans.

The letter, which also warned of the impact of the rule changes on small businesses, was signed by 128 Democrats, 113 Republicans, and Texas independent Ron Paul, according to a copy posted on the Web site of the American Land Title Association.

Full post as published by Clearing Title on August 12, 2008 (boomark / email).