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May 30, 2008
Next HUD Boss Says RESPA Reform Workable
HUD has addressed most of the concerns of the Small Business Administration in its recent Real Estate Settlement Procedures Act (RESPA) reform proposal, according to SBA head Steve Preston, who is also President Bush's nominee for Housing Secretary. Many real estate industry groups representing realtors, title insurers and settlement service providers continue to criticize the proposal due to concerns that lenders would gain too much control over settlement services--which they argue would curb competition. HUD wants to improve loan disclosures and allow lenders to package settlement services with loans, which it believes could save consumers $8.35 billion annually.
Posted by S. Germain at May 30, 2008 07:51 AM