RIP RESPA?
Posted in RESPA reform By Matt Carter, Thursday, April 30, 2009.A sweeping predatory lending bill making its way through the House has been amended to suspend implementation of key aspects of the RESPA rule change, and direct HUD to work with Fed on compatible loan disclosures that meet TILA, RESPA requirements.
The amendedment (by guess who? -- Representatives Ruben Hinojosa and Judy Biggert) has been incorporated into the version of the bill approved by the House Financial Services Committee Wednesday and could be headed for a House vote next week. See story.
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Submitted by Diane Cipa on April 30, 2009 - 12:22pm.
I've given up on RESPA for now, Matt. They are steeped in a political stew with no support whatsoever. I feel badly for those that put so much hard work into the rule.
The industry machine doesn't want anything that messes with their referral networks. Politicians don't understand the nuances enough to get what's happening.
We'll have more luck reforming some things at the state level.