We have been waiting breathlessly for HUD to make an announcement about RESPA reform. Insiders who told us to expect an announcement short weeks ago did not foresee more cold feet in the warm summer months. Jane Wickell's Home Buying/Selling Blog talks about HUD's long trek to RESPA reform:
"Enacted to protect consumers during a real estate transaction, the Real Estate Settlement Procedures Act (RESPA) is over 30 years old and overdue for some serious reform in order to make loan comparisons an easier process. HUD proposed changes a few years ago, but backed down under pressure from members of the banking and real estate industry. Now HUD is back on track and plans to hold a series of roundtable discussions this summer to get industry input regarding the pathway to reform. Folks attending these invitation-only meetings will hopefully put the interests of consumers first--and if they don't it's essential that HUD not bend to pressure by special interest groups who are looking only at their bottom line, no matter what the cost to home buyers."
There are approximately 35 invitees who will participate in each session. Here is a list of all participant invitees.
The following is a select group of organizations that will be present at ALL roundtable discussions:
AARP, ACORN, Center For Responsible Lending, Consumer Federation of America, Consumers Union, National Assn. of Attorneys General, National Assn. of Consumer Advocates, National Assn. of Mortgage Brokers, National Assn. of REALTORS®, National Center on Poverty Law, National Community Reinvestment Coalition, National Consumer Law Center, U.S. Public Interest Research Group.
Somebody may want to send HUD Secretary Alphonso Jackson a pair of HOT SOX to keep his tootsies warm. That may help get him through these hearings and ultimately to an announcement podium.
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