Over 220 members of Congress have signed a letter that urges the Bush administration to re-propose its Real Estate Settlement Procedures Act rule for an additional public comment period.The "dear-colleague" letter started by Reps. Judy Biggert, R-Ill., and Ruben Hinojosa, D-Texas, stresses that the RESPA rule could "negatively impact" the housing sector and faces significant opposition from Congress, consumer advocates, and housing industry groups. "However, instead of issuing a revised proposed rule and seeking additional public comment, HUD has chosen to finalize the rule without advocates, affected industries or Congress knowing what changes have been made," the letter says. "Until there are assurances that any of the proposed changes will result in benefits that far outweigh the potentially negative consequences, a final rule should not be promulgated," the dear-colleague letter says.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry