Thursday, November 13, 2008

Tangible Lack of Progress

HUD, the Department of Housing and Urban Development, yesterday boldly attacked the thorny problem of lack of regulation of the mortgage origination business.

The good news is that they updated the guidelines in the Real Estate Settlement Procedures Act in an effort to limit some fees and protect borrowers from misleading docs or bait-and-switch tactics.

The bad news is that they also immediately admitted that they have no power to enforce the news rules.

The beat goes on.

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