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The last gasp for RESPA reform? HUD's proposed new regs, designed to "reform" the Real Estate Settlement Procedures Act, leave a lot to be desired.
- Article from:
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Illinois Bar Journal
- Article date:
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July 1, 2008
- Author:
- Weston, James K.
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Copyright informationCOPYRIGHT 2008 Illinois State Bar Association. 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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The Department of Housing and Urban Development ("HUD") has been promising (or threatening, depending on your perspective) to issue regulations that will reform the real Estate Settlement Procedures Act of 1974 ("RESPA") (PL93-533, 88 Stat 1724, 12 USC 2601-2617). Minor amendments were made to RESPA in 1990, but it was not until 2002 that HUD proposed a major, and controversial, revamp of the regulations.
It has taken some six years for HUD to get past the firestorm that its 2002 proposal generated, and what is now published for comment looks more like the last gasp of the current administration than a well thought out plan to address the many lending problems of the day.