HUD to Resurrect RESPA Reform?

The Department of Housing and Development has not given up on RESPA reform.HUD Secretary Alphonso Jackson told a House panel that he intends to start discussions with interested parties in Congress and industry in the next 45 days about revamping HUD's Real Estate Settlement Procedures Act regulations. After those discussions, "we will look at the possibility of coming out with a new proposed rule," the secretary testified. House Financial Services Committee Chairman Michael Oxley, R-Ohio, welcomed the secretary's emphasis on getting input from Congress. "I expect you will find some willing participants on this side of the aisle with respect to a solid RESPA reform effort," Rep. Oxley said. In March, Secretary Jackson decided to withdraw a RESPA rule (developed by his predecessor) in the face of congressional and industry opposition to the final rule.