Number: RL34442
Title: HUD Proposes Administrative Modifications to the Real Estate Settlement Procedures Act
Authors: Darryl E. Getter, Government and Finance Division 
Abstract: After reviewing specific regulatory reforms, this report provides some survey evidence on the extent of consumer shopping behavior prior to entering into such expensive financial transactions. While there has been concern about lenders not doing enough to provide affordable mortgages, it is also arguably in the best interest of borrowers to shop diligently for the best credit terms. Even if borrowers are made aware of the costs, they may still elect to obtain less affordable mortgages over the entire loan term. Hence, disclosure reform as a way to influence affordability still depends upon the judgement of consumers.
Pages: 10
Date: April 10, 2008