Builders get reprieve on incentives
HUD delays implementation of rule change for 90 days
By Matt Carter, Monday, January 12, 2009.
Federal housing regulators have agreed to delay for 90 days implementation of a rule change that would bar home builders from offering consumers incentives when they agree to use builders' affiliated mortgage and title insurance companies.
The new rule -- one of many changes to the Real Estate Settlement Procedures Act (RESPA) being phased in by the end of the year -- was set to take effect Jan. 16.
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