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Washington
Inside Washington (12/22/2008)
* WASHINGTON (12/23/08)--The National Association of Mortgage Brokers said Friday that it plans to sue the Department of Housing and Urban Development (HUD) to block the Real Estate Settlement Practices Act (RESPA). The group said it will ask for an injunction (American Banker Dec. 22). RESPA would make lenders liable for penalties charged for late payments on property taxes or insurance premiums paid from a mortgage escrow account, prevent lenders from increasing prices on settlement services from third parties, and allow borrowers to sue lenders for violations of the law ... * WASHINGTON (12/23/08)--Financial services industry observers don’t anticipate that the Bush administration will ask for the remaining $350 billion earmarked for the Troubled Asset Relief Program (TARP) in the $700 billion rescue plan. On Friday, Treasury Secretary Henry Paulson and the Bush administration said it would use $13.4 billion now and another $4 billion in February from TARP to bail out the auto industry (American Banker Dec. 22). Sen. John Sununu (R-N.H.), who was appointed to oversee TARP, said the matter will be left for President-elect Barack Obama. If Paulson asks Congress for the funds, the approval likely would be tied to conditions. House Speaker Nancy Pelosi (D-Calif.) has said the Treasury will not receive more money from Congress until it agrees to a loan modification plan ...


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