Industry NewsMortgage

HUD stays the course on RESPA

Critics get last licks at congressional hearing
Published on Sep 18, 2008

Secretary of Housing Steve Preston lashed out Wednesday at "reprehensible" attempts by lawmakers to head off changes in the way mortgages and settlement services are marketed and sold to consumers, and said HUD remains intent on overhauling the Real Estate Settlement Procedures Act.Preston's remarks to the Exchequer Club in Washington, D.C., followed some of the fiercest criticism of the Department of Housing and Urban Development's proposed RESPA changes to date by industry opponents at a congressional hearing Tuesday.Industry groups including the National Association of Realtors, the American Land Title Association and the The Real Estate Services Providers Council dismissed HUD's claims that proposed changes to RESPA could save consumers billions of dollars.HUD, which did not defend its proposal at the hearing, maintains that revamping loan disclosures and providing incentives for settlement services like title insurance to be packaged with mortgage loans could save consum...

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