ALTA and Other Trade Associations Urge Secretary Donovan to Suspend RESPA Implementation
May 15, 2009
Yesterday, ALTA and several other trade associations sent a letter to HUD Secretary Shaun Donovan following his announcement Monday that HUD plans to move forward with RESPA implementation following last week's passage of H.R. 1728 in the U.S. House of Representatives, which would require HUD to suspend new GFE and HUD-1 disclosures under RESPA and require HUD to work with the Federal Reserve Board to jointly reform consumer disclosure forms under RESPA and TILA.
In the letter, ALTA and other trade associations urged Secretary Donovan to suspend RESPA implementation and work with the Federal Reserve Board to establish policy complimentary to RESPA and TILA in order to reduce consumer confusion about the mortgage process and to avoid potential harm to consumers in an already sensitive housing market.
> > Read the letter to HUD.