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Art Oswald
On May 7 I posted a message about House bill 1728 that I read on the Respaready.com web site. I did not give respa ready proper recognition for using their copy – I apologize.
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By a vote of 300-144, the US House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act, including an amendment that would delay implementation of the new RESPA rule. Is the new RESPA regulation DOA? Don't count it out just yet. The senate still must introduce and pass similar legislation. We've got our ear to the ground and will keep you up to date and informed. Here's a look at the results of the vote.
Thursday, May 7, 2009 - 5:23pm
NEWSFLASH - Legislative Update - House Passes HR 1728
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Developments in Washington yesterday have changed my plans. I had been posting portions of the Federal Register dealing with RESPAs intention to change the HUD and GFE. Seems yesterday The House Financial Services Committee yesterday voted to amend the Mortgage Reform and Anti-Predatory Lending Act (the "Act") to require HUD to suspend the implementation of its new Good Faith Estimate and HUD-1 Settlement Statement, and instead to work with the Federal Reserve Board to publish a proposed joint rule with comparable Real Estate Settlement Procedures Act ("RESPA") and Truth in Lending Act ("TILA") disclosures within six months of enactment of the Act, and a final joint rule with comparable RESPA/TILA disclosures within one year of its enactment.
The House Financial Services Committee will continue marking up the Act and once the amended Act is approved by the Committee, it will go to the House for a floor vote. The Senate is likely to introduce and pass its own mortgage reform bill (which may or may not include the suspension of the GFE and HUD-1 and the directive to HUD to work with the Federal Reserve Board on disclosures), after which the House and Senate must resolve any differences in a conference. This going to delay an effective changes for quite some time.
I’ll keep you posted
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