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by CareyBot

A sweeping bill aimed at curbing predatory lending, which passed a congressional committee Wednesday in a 49-21 vote, has been amended to suspend implementation of new standardized loan disclosure forms and settlement procedures proposed last year by the Bush administration. The real estate and lending industries have opposed the changes to the Real Estate Settlement Procedures Act, or RESPA, which the Department of Housing and Urban Development has said would save consumers billions of dollars (see story). Industry critics said HUD overestimated the benefits for consumers and underestimated the problems they could create for the industry, including accelerated consolidation. The National Association of Mortgage Brokers and the National Association of Home Builders have both f...