Industry News

Next HUD boss says RESPA reform workable

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The Bush administration's nominee to be the next Secretary of Housing -- Steve Preston, the head of the Small Business Administration -- is distancing himself from the SBA's past criticism of proposed changes to the Real Estate Settlement Procedures Act, or RESPA. At a hearing before members of the Senate Banking Committee, Preston said some of the issues the Small Business Administration's Office of Advocacy had raised about the impacts of RESPA reform are now being addressed by the Department of Housing and Urban Development -- which he will take charge of if confirmed by the Senate. Responding to questioning by Sen. Wayne Allard, R-Colo., Preston said that while he does not yet have "a detailed enough notion to understand exactly what (RESPA) reform should look like," many of the issues previously raised by the Small Business Administration have been addressed in HUD's most recent RESPA reform proposal. In 2002 -- before Preston took the top job at the Small ...