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GAO-09-209R 1 (2008-12-01)

handle is hein.gao/gaobadwvu0001 and id is 1 raw text is: 


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T I   WAccountability * Integrity * Reliability
United States Government Accountability Office
Washington, DC 20548

          B-317499



          December 1, 2008

          The Honorable Christopher J. Dodd
          Chairman
          The Honorable Richard C. Shelby
          Ranking Minority Member
          Committee on Banking, Housing, and Urban Affairs
          United States Senate

          The Honorable Barney Frank
          Chairman
          The Honorable Spencer Bachus
          Ranking Minority Member
          Committee on Financial Services
          House of Representatives

          Subject: Department of Housing and Urban Development: Real Estate Settlement
                  Procedures Act (RESPA): Rule To Simplify and Improve the Process of
                  Obtaining Mortgages and Reduce Consumer Settlement Costs

          Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a
          major rule promulgated by the Department of Housing and Urban Development
          (HUD), entitled Real Estate Settlement Procedures Act (RESPA): Rule To Simplify
          and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement
          Costs (RIN: 2502-AI61). We received the rule on November 17, 2008. It was
          published in the Federal Register as a final rule on November 17, 2008, with a stated
          effective date of January 16, 2009. 73 Fed. Reg. 68,204.

          The final rule requires more timely and effective disclosures related to mortgage
          settlement costs for federally related mortgage loans to consumers. HUD intends for
          this final rule to protect consumers from unnecessarily high settlement costs by
          making a variety of changes to the Good Faith Estimate form.

          Enclosed is our assessment of HUD's compliance with the procedural steps required
          by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review
          indicates that HUD complied with the applicable requirements.


GAO-09-209R

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