Washington, DC – U.S. Representative Judy Biggert (R-IL-13th), Ranking Member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, today issued the following statement in response to the U.S. Department of Housing and Urban Development’s (HUD) 30-day extension of the public comment period on new rules under the Real Estate Settlement Procedures Act (RESPA):
 
           “A rule of this magnitude and complexity demands a thorough vetting by the public and all other interested parties.  I had hoped for more time, but I’m pleased about this extension.
 
           “The real estate settlement process is responsible for keeping integrity in the mortgage process and ensuring that borrowers get the disclosure information they need to make informed decisions.  Given the current state of the housing market, it’s more important than ever that we get it right the first time.”

Biggert, a former real estate attorney, sent a letter to HUD earlier this week requesting that the public comment period be extended.  The letter was cosigned by 148 Members of Congress.

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