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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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
5h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
5h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
5h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
8h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25