Mr. Chairman, thank you for calling this timely hearing.
We all know there are problems with the mortgage origination process. Senator Mack and I attempted to address some of these problems last year in our Economic Growth and Regulatory Paperwork Reduction Act by asking the Federal Reserve Board and HUD to simplify and improve the disclosures in a mortgage transaction.
We also required these agencies to submit legislative recommendations to Congress if their regulatory authority did not permit them to make the necessary changes. Thus, I believe the wheels for significant reform are already in motion, and these hearings will only aid and expedite the process.
I feel very strongly about the intent of both RESPA and TILA. The best consumer is an educated consumer and RESPA and TILA were both designed to inform consumers of credit terms, costs, business arrangements and other pertinent disclosures in a timely manner.
The goal of this Committee, and indeed Congress, should be to pass laws that disallow crooks and scam artists from squeezing the consumer for questionable services, while at the same time, allowing honest,
hardworking individuals that provide legitimate home buying services to make a living.
I look forward to the testimony and hope that we can find a way to achieve this stated goal.
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