If Pols Don't Like RESPA Plan…

Housing Secretary Alphonso Jackson said Wednesday that if Congress doesn't like the agency's forthcoming plan to revamp the Real Estate Settlement and Procedures Act, HUD "will start over again."Speaking at a legislative policy conference sponsored by the Mortgage Bankers Association, Secretary Jackson said Congress will see the RESPA proposal first. "If Congress is not pleased, we'll come back to you and we'll start over again," he said. Mr. Jackson told the MBA that the proposal is coming "very soon" but would not specify when. "I’m confident the draft will meet most of your expectations," he said. Industry officials believe that the proposal, at the very least, will address the "good-faith estimate" given to consumers prior to closing. Last summer HUD held six public RESPA forums, soliciting comment from the real estate and finance industries as well as consumer groups. The HUD secretary left the MBA meeting without taking questions from reporters. He also said the agency will soon release a plan to revitalize the Federal Housing Administration's multifamily program.