U.S. housing department pulls back mortgage rule WASHINGTON, March 22 (Reuters) - The U.S. Department of Housing and Urban Development on Monday withdrew a controversial new real estate settlement rule, saying it needs further study. Alphonso Jackson, acting HUD Secretary, said in a conference call with reporters that he was pulling back a regulation aimed at streamlining mortgage borrowing after members of Congress and consumer groups objected that they had not had enough time to review the rule. "They heard from more than 200 members of Congress of both parties in addition to consumer and industry groups that raised concerns about the rule-making process, that they hadn't seen the rule in the almost two years since it had been proposed," a White House Office of Management and Budget official said separately. Jackson said he would revise the rule and repropose it after briefing lawmakers, and business and consumer groups. "After the rule has been completely vetted, I will send it back to OMB for review," he said. The regulation would have required lenders to offer consumers either a guaranteed package of costs or a reliably accurate estimate of fees. Mortgage brokers, title companies and other small businesses that provide settlement services were worried the bill would push them out of business as larger institutions bundle services aimed at borrowers. More News: 3-22-04 College grads lose big in this economy 3-22-04 Creative mortgages fuel home sales 3-22-04 Debtors, beware of credit-counseling firms 3-22-04 Debt protection plans are all the rage 3-22-04 Energy costs not hurting economy yet 3-22-04 Experts Say Filing Taxes Early Produces No Major Benefits 3-22-04 Feds Predict Higher Gasoline Prices 3-22-04 Greenspan Backs Homeowner Debt as Prices Rise 3-22-04 Home-office deduction has pitfalls 3-22-04 Poll Shows Texans Less Gloomy about Economy 3-22-04 Probe: No Laws Broken in O'Neill Book 3-22-04 San Diego-Area Fire Relief Donations 3-22-04 Stocks Sink Amid Fears of Global Violence 3-22-04 Treasuries Firm as Stocks Slip 3-22-04 U.S. housing department pulls back mortgage rule 3-22-04 Weak US jobs scene lifts mortgage industry hiring       Financial News

 

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