Government News

The Subcommittee's Chairman, Mel Watt (D-NC-12th) noted in his opening statement that HUD Secretary Steve Preston refused to testify at the hearing declining to offer public comments while the rule is at the White House Office of Management and Budget. In addition, Chairman Watt said that the Federal Reserve Board declined to testify following its staff letter critical of HUD's proposed rule, indicating it did not want to publicly criticize another federal agency.

Additional witnesses who are joined Kermott were representatives from the National Association of Mortgage Brokers, Mortgage Bankers Association, National Association of Realtors, National Consumer Law Center, Center for Responsible Lending, National Association of Homebuilders, and Real Estate Services Providers Council.

You can watch the hearing by going to this link.

For more information on RESPA, go to ALTA's RESPA Reform Resource Center.