Monday, May 11, 2009

HUD Moves Forward on RESPA Rule, Kinda.

HERE's the advance notice of Federal Register publication. Some provisions effective next year, some not.

Required use provision is taken out in final rule. Early Jan 2009 Housing Wire story HERE provides some background about this provision.

Bill that passed House last week (H.R.1728) would require RESPA rule to be pulled back and restart of the multiyear process, maintaining status quo for years. (Don't let 6 month language in Section 106 fool you)

In re House and RESPA, recall my earlier post HERE about House members falling over themselves to try to suspend/kill proposed rules. All of Oregon House members except Hooley jumped on that pre-election bandwagon.

Editorial comment: Anyone really thinks key real estate industry players want "regulatory reform" or "consumer protections"?

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