Government News

RESPA: Call Your Federal Representative NOW

Thank you to everyone who contacted Members of Congress to oppose HUD's proposed rule on Real Estate Settlement Procedures Act (RESPA). Your efforts have made an impact. Now, it is imperative that you contact your Representative immediately to sign onto a RESPA Dear Colleague letter to stop the rule.

Good News:
Senate Victory

On February 26, 2004 a confirmation hearing for HUD Secretary Designee Jackson was held. Senator Wayne Allard (R-CO) asserted that he would oppose Senate action on Mr. Jackson's nomination because of his concern about RESPA. The full Senate must approve Cabinet level Administration appointments. Opposition by Senator Allard as Chairman of the Housing Subcommittee of the Senate Banking Committee, which has jurisdiction for HUD, will be a key hurdle for Secretary Designee Jackson.

Request for House Action: It is imperative that we get the House of Representatives to continue the pressure on HUD and the White House.

• Contact your Federal Representative by dialing 202-225-3121 (the operator can help you identify your Representative by zip code or call ALTA at 1-800-787-ALTA).
• Ask to speak with the Member or a staff member who handles financial services issues.
• Ask the Representative to sign Representative Judy Biggert's (R-IL) and Representative Hinojosa's (D-TX) ?Dear Colleague Letter on RESPA?
• Refer them to the ALTA website at www.alta.org for a copy of Dear Colleague letter and further talking points.
• Fax ALTA the attached results form to 1-888-FAX-ALTA

Background:

HUD has sent its final RESPA regulations to the Office of Management & Budget (OMB) for their review. There has been no public disclosure of the substance of the regulations or what changes, if any, HUD may have made to the regulations it proposed in July 2002. OMB has until mid-March 2004, at the latest, to take action. OMB can (a) approve the regulations to move forward, or (b) ask HUD to withdraw or reconsider the regulations.

The Dear Colleague Letter asks the OMB to send the RESPA Rule back to HUD without approval. It is important that we continue to use the momentum raised by Senator Wayne Allard (R-CO) at the hearing yesterday. For now, Members of Congress have until March 3 rd to sign the letter. Please forward this to others in your office and in the industry.

For assistance, call Jim Maher, Executive Vice President; Ann vom Eigen, Legislative & Regulatory Counsel or Charlene Nieman, Grassroots & PAC Manager at 1-800-787-ALTA.