Rod Alba with the MBA just distributed an email stating that HUD has submitted a final RESPA rule to OMB for review and approval. He stated in his email the following:

"This is a very significant step towards the finalizing of the "RESPA reform" rulemaking.  OMB is aware of the myriad difficulties contained in HUD's RESPA Reform proposal as MBA has met with OMB to discuss concerns with this rulemaking, and we understand that other all other Washington lobbyists involved in real estate matters have met with them as well.  Opposition to the immediate finalization of this rule is widespread.
 
As of now, it is not clear what is in HUD's rule submittal to OMB.  We will work to assemble details and we'll keep you informed of any developments."

Merry Christmas from HUD!

As my commercial lending people like to say, "O-fac!"

Sounds as if Secretary Martinez left us a going-away present. It will be interesting to see what's in it.

As publihsed in my December 2003 newsletter:

'Twas the Night Before Christmas (or Why I Was Not an English Major in College)

'Twas the night before Christmas and all through the house
Your Editor was squeezing and mashing his mouse.
I must find a law, a case or a rule
To write one more story before it is Yule.

When all of a sudden there was a clatter on high
And old Saint Martinez did fall from the sky.
"I bring you good tidings," he said with a wink
And he did unload a ream full of ink.

"This is the answer to all of your prayers
A rule so complex and folded in layers
You will write a wonderful and brilliant treatise
That even Grant Mitchell will be most envious."

He jumped in his mobile home with a leap
And gave his horn a little beep.
"On Jackson, on Jimenez, and on Jeb Bush too
Florida needs a new Senator or two."

As his home was about to take flight
I heard him cry into the night
Merry Christmas to all!
And may all bundlers delight!

I looked down to the thick rule in my hands
And was about to do flips and handsome handstands
When the ink on the pages slowly melted away
As the rain caused the ink to slowly decay.

Alas, I must wait for Federal Registers
To bring tidings of RESPA to my faithful readers
And tell my clients waiting with bated breath
That bundling is not a sure sign of death.

So stay tuned one and all
The rule we anticipated and dreaded this fall
Will soon be released by old OMB
And I will write an entertaining article, you shall see.