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U.S. Representative Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, today announced that the subcommittee will hold a hearing to review the U.S. Department of Housing and Urban Development’s (HUD) proposed rule regarding the Real Estate Settlement Practices Act of 1974 (RESPA). RESPA is the only federal law governing the mortgage settlement process and was intended to protect consumers during the home buying and mortgage processes. This hearing will build on the House Small Business Committee’s May hearing on this issue and will examine the impacts of HUD’s proposed RESPA reforms on consumers and other stakeholders in the mortgage settlement process.

Congressman Watt said, “I look forward to hearing from HUD representatives, consumer advocates and industry representatives on the costs, regulatory burdens and other impacts of the proposed RESPA rule.”

Witness List & Prepared Testimony:

• Mr. Marc S. Savitt, President, National Association of Mortgage Brokers (NAMB)
• Mr. David Kittle, President, Mortgage Bankers Association (MBA)
• Mr. C. Anthony Lindsey, Chief Executive Officer, GlobeCrossing, LLC on behalf of the National Association of Realtors (NAR)
• Ms. Margot Saunders, Counsel, National Consumer Law Center (NCLC)
• Ms. Rebecca Borne, Policy Counsel, Center for Responsible Lending
• Mr. Gary Kermott, President, American Land Title Association (ALTA)
• Ms. Debra Still, President and Chief Operating Officer, Pulte Mortgage LLC, on behalf of the National Association of Homebuilders (NAHB)
• Mr. David Stevens, President, Affiliated Businesses, Long and Foster Companies on behalf of Real Estate Services Providers Council (RESPRO)

Available Member Statements: Chairman Watt