| MAR
CALL TO ACTION
Stop Congress from
passing HUD’s final RESPA rule -------------------------------------------------------------------------------- ISSUE BACKGROUND: On December 16, 2003, HUD sent a final RESPA rule to the Office of Management and Budget (OMB) for review and approval. HUD is advancing its rule despite requests from the industry, consumers and Congress to issue a new proposed rule instead of a final rule. The RESPA rule, as written, will position banks with unfair leverage to monopolize title and lending services robbing REALTORS® of options, decreasing competitive pricing, and in NAR’s opinion, adding to the cost of homeownership. NAR has been at the forefront of these efforts to encourage HUD to more fully assess the economic impacts of packaging before finalizing their rule. This latest action places RESPA Reform on the fast track and we must now redirect our advocacy efforts. On Monday, January 26, 2004, NAR issued an all member Call for Action to generate letters to Congress on RESPA Reform. NAR’s goal is to encourage Congress to demand that OMB reject the HUD final rule proposal and seek a revised rule instead. MAR asks its members to weigh in by sending your own letter to your members of Congress. Visit the Government Affairs Page to find out how to contact your representative. Click here
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Michigan Association of REALTORS® |