Industry News

FHA official: agency has fallen down on the job

Secretary also says it's time to update RESPA

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The Federal Housing Administration has faltered in its goal of helping low-income Americans buy homes, but intends to make up lost ground, its leader told a real estate service providers' group Monday. "I know we need to make changes to make FHA a viable player again," Brian Montgomery, HUD's assistant secretary for housing and federal housing commissioner, told the Real Estate Services Providers Council's board of directors on Monday, the first day of the group's annual conference in Washington, D.C. Also, the assistant secretary commented on the ongoing issue of changes to the Real Estate Settlement Procedures Act, which regulates affiliated business arrangements between real estate professionals. RESPRO is a trade organization that supports such arrangements. "We all agree it's time to update it," Montgomery told the board of directors, saying that a roundtable discussion involving HUD and RESPRO leaders last fall has strengthened HUD's proposals for updating the 1974 act, which g...