HUD stays the course on RESPA

Critics get last licks at congressional hearing

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Secretary of Housing Steve Preston lashed out Wednesday at "reprehensible" attempts by lawmakers to head off changes in the way mortgages and settlement services are marketed and sold to consumers, and said HUD remains intent on overhauling the Real Estate Settlement Procedures Act.

Preston’s remarks to the Exchequer Club in Washington, D.C followed some of the fiercest criticism of the Department of Housing and Urban Development’s proposed RESPA changes to date by industry opponents at a Congressional hearing Tuesday.