Tuesday, December 23, 2008

Man Bites Dog: Mortgage Brokers Association Sues HUD Over RESPA.

To use an ESPN Monday Night NFL Countdown phrase, "C'Mon MAN"

Housing Wire has story HERE.


Gist of suit, according to story:

"The lawsuit against HUD states that the Final Rule is “arbitrary and capricious,” contrary to the intent of Congress, and fails to offer any rational reasons for its rejection of alternative approaches. NAMB says the Final Rule discriminates against mortgage brokers with the required broker-only disclosure of yield spread premium (YSP), placing them at a permanent disadvantage in the marketplace."

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