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HUD Puts Hold on Plans to Reduce Closing Costs, Streamline Home-Buying Process.
Byline: Christian Murray
Mar. 23--The Department of Housing and Urban Development's bold plan to reduce closing costs and streamline the home-purchase process was dealt a severe blow yesterday, when HUD decided to put the plans on hold.
Alphonso Jackson, the Acting Secretary of HUD, decided to postpone and potentially modify the plan governing the Real Estate Settlement Procedures Act, or RESPA, which would have reduced closing costs by $700 on average and reduced confusion for consumers.
The plan, which had been finalized, was taken off the table after several members of Congress voiced concerns about the rule and wanted a full briefing on it.…
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