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Article: Housing department's rules need touching up. (Department of Housing and Urban Development)(Comment) (column)
- Article from:
- American Banker
- Article date:
- June 7, 1991
- Author:
CopyrightCOPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Housing Department's Rules Need Touching Up
The Department of Housing and Urban Development recently established its long-awaited position on interpretation and enforcement of the Real Estate Settlement Procedures Act, known as RESPA.
The final rule was bottled up for more than two years by the lobbying of Realtors, mortgage bankers, and even members of Congress. These debating interest groups issued ominous-sounding press releases along with other pronouncements.
Each opponent warned the housing department of the dire consequences of adopting any other faction's position.
Virtually all parties to this conflict are now claiming victory. ...