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by CareyBot

Legislation in play in the Senate would create a Consumer Financial Protection Bureau within the Federal Reserve that would take over the enforcement of two major laws governing real estate professionals and mortgage lenders -- the Real Estate Settlement Procedures Act (RESPA) and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE).The sweeping, 1,177-page financial reform bill passed by the Senate Banking Committee on Monday will be subject to further debate and attempted amendments.The Mortgage Bankers Association, in a letter to the Senate Banking Committee Monday, expressed "strong opposition" to provisions of the bill requiring that companies that sell products like mortgage-backed securities retain at least 5 percent of the credit risk. The new requirement is ...