Oxley Joins RESPA Chorus

House Financial Services Committee Chairman Michael Oxley, R-Ohio, is adding his voice to the chorus asking the Department of Housing and Urban Development to move cautiously on its RESPA rule."In light of the interest my committee and numerous affected parties have shown in the proposed rule, I respectfully request that any new or revised rule be published with a reasonable time period for comment," the chairman says in a letter to HUD Secretary Mel Martinez. Recent rumors that HUD may be ready to finalize its Real Estate Settlement Procedures Act rule have sparked urgent requests by housing trade groups and some members of Congress to reconsider and re-propose the rule for a new round of public comment. "Allowing an additional comment period would help to ensure the final rule accomplishes HUD's stated goals while eliminating potential misunderstandings or confusion for all interested parties," Rep. Oxley says in the Nov. 26 letter. Senate Banking Committee Chairman Richard Shelby, R-Ala., has not drafted a letter, but a committee spokesman said his position has been pretty clear. "He believes HUD should issue a revised economic impact study," the spokesman said. "And if they do that, it should be part of a new revised proposed rule that should be open to a comment period."