WASHINGTON — In spite of opposition from NAFCU, CUNA and hundreds of lawmakers in the House of Representatives, the Department of Housing and Urban Development has submitted to the Office of Management and Budget a draft final rule for Real Estate Settlement Procedures Act reform.

CUNA Senior Assistant General Counsel Jeffrey Bloch indicated in an e-mail to Credit Union Times that HUD is committed to finalizing the rule before the end of the Bush administration, regardless of the opposition from industry. He added that to make this deadline, HUD needed to send the rule to OMB for review as soon as possible. The rule, which would streamline RESPA regulations, was sent to OMB for clearance on Aug. 21.

HUD said it needs to move fast to help homebuyers. "The current housing finance situation has dramatically highlighted the need to move forward responsibly and expeditiously with measures to help American homebuyers," HUD Assistant Secretary Sheila Greenwood said in a letter to Reps. Ruben Hinojosa (D-Texas) and Judy Biggert (R-Ill.).

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