Inman News (05/27/08); Carter, Matt
HUD has addressed most of the concerns of the Small Business Administration in its recent Real Estate Settlement Procedures Act (RESPA) reform proposal, according to SBA head Steve Preston, who is also President Bush's nominee for Housing Secretary. Preston, who led an office that opposed HUD's previous plan for RESPA reform, made the remarks before members of the Senate Banking Committee. Many real estate industry groups representing realtors, title insurers and settlement service providers continue to criticize the proposal due to concerns that lenders would gain too much control over settlement services--which they argue would curb competition. HUD wants to improve loan disclosures and allow lenders to package settlement services with loans, which it believes could save consumers $8.35 billion annually.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment