HUD Hearing Televised Right Now (6:30 10/4/2002) ...

[David C. Johnson]

<span style='color:darkblue'>The US House Financial Services Committee Hearing held
yesterday (10/3/2002) is being televised right now (6:30 PM)
on C-SPAN.

If you miss it, it may be broadcast again within the next few hours. Check your TV Listings.

Mel Martinez of HUD is testifying (he just mentioned that he is an attorney, which I did not know).

HEARING TOPIC:

Home Mortgage Closing Process
(RESPA* amendment?)

Guaranteed Mortgage Packaging (and Loan Brokers) is the topic ("predatory lending" has been mentioned).

I am not too sure I trust this guy, but will reserve judgment for now (e.g., he just got nicely nailed by an NC legislator for an "slight of tongue" -- known in this state as a Lie ... )
A Realtor/Legislator is flaring into him now about the small print in his "disclosures" and also about the picking of the appraiser. He has "politely" explained to him that no one in the room believes him, and that he (i.e., the legislator speaking) will personally shut it down real soon if it does pass.

The Good Ol' Boy system has been mentioned several times by legislators. This is a clear Anti-Competion Bill (Anti-Trust issue all by itself) being hawked as a "competion increaser" to "help" the consumer against competition limitations -- Yeah, Right!

Amazing. An Hispanic GOB. Man, now I have heard everything.

What is the world coming to?

The LENDERS (i.e., his boss) are pushing hard for this legislation.
_______________

dcj

* RESPA = http://nt.mortgage101.com/partner-scripts/...p=cdunn[/color]

 

[Pamela Crowley (Florida)]

David,

Thanks for the tip. I'll keep a watch for another showing of it since I missed this one.

 

[David C. Johnson]

Pamela,

I have spent the last half hour trying to track down when it might show again. It appears it will not, and this hearing was not placed in video form on the CSPAN website, which was kinda disappointing to me. I was fairly sure I would be able to find it one way or another on their website, maybe even in transcript form.

Here is about all they have to say about it (at least so far):

http://inside.c-spanarchives.org:8080/cspa...ecord=158381608

However, their website is generally outstanding -- particularly if you have RealPlayer 7.0

When you have some time, check out: http://cspan.org/capitolspotlight/ and links.

They have a pretty awesome website for keeping up with everything going on.

dcj