ACTION ALERT: Jackson Confirmation Opposed
|February 27, 2004|
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.
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.
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.