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Article: HUD Drops Plan to Simplify, Lower Mortgage Costs for Homebuyers.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- March 23, 2004
CopyrightCOPYRIGHT 2004 The Baltimore Sun. 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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Byline: Tracy Swartz
Mar. 23--The U.S. Department of Housing and Urban Development yesterday withdrew its plan to simplify the mortgage closing process and lower settlement costs for homebuyers.
The White House Office of Management and Budget had been reviewing the HUD plan to reform the real estate act that has regulated mortgage disclosures and settlement costs for 30 years. But the agency asked that the review be abandoned.
The OMB had been expected to release a decision on HUD's plan next month.
The proposal has drawn criticism from many members of Congress and mortgage professionals, who predicted the changes would reduce ...