Posted by PAW/FL on November 12, 2008, 6:16 am This post is strictly the opinion of the author
24.26.7.45
From ALTA Grassroots Action Center
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To: Grassroots Activists
From: ALTA Grassroots Action Center
Date: November 12, 2008
Subject: RESPA
HUD Secretary Steve Preston plans to roll out the department's final rule on RESPA today. ALTA will watch developments closely and provide updates throughout the day, week and beyond.
The final rule is not expected to include a closing script. ALTA staff have not yet seen the rule and will reserve analysis until they are able to read the final text.
More information can be found in this Wall Street Journal article which indicates, "The Department of Housing and Urban Development plans to announce Wednesday morning its final version of new rules designed to help Americans shop for mortgages more effectively. Lobbyists said HUD appears to have dropped a provision that would have required a lengthy "script" to be read to borrowers at the closing table, setting out the terms of the loan."
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