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.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
9h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
10h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
10h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
10h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
11h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
11h ago