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The Multifamily Mortgage Foreclosure Act proves effective...

Article Abstract:

The Multifamily Mortgage Foreclosure Act, passed as part of the Omnibus Budget Reconciliation Act of 1981, empowers the Department of Housing and Urban Development (HUD) to foreclose on HUD mortgages regardless of state laws. This allows HUD to avoid judicial foreclosures, which can take years, and process foreclosures in less than four months. By dealing with foreclosures quickly and uniformly from state to state, HUD can recover its investments and purchasers can obtain title and possession more quickly.

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But raises two major issues

Article Abstract:

The Multifamily Mortgage Foreclosure Act, which empowers the Department of Housing and Urban Development (HUD) to foreclose on its mortgages regardless of state laws, raises questions regarding retroactivity and due process. HUD applies the law retroactively to mortgages made prior to the law's enactment on Oct 1, 1981, which may not have been Congress' intention. Whether the law provides sufficient due process under its notice and procedural provisions to be constitutional is the more serious question.

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RESPA enforcement - a report from the front

Article Abstract:

The Department of Housing and Urban Development's (HUD) Real Estate Settlement Procedures Act (RESPA) Enforcement Unit may be small but they are active. The unit was created to investigate RESPA violations, of real estate agents being paid for referrals for settlement services and not the services themselves. The unit makes the most of their limited staff by making contacts with state attorney generals and HUD regional offices, and encouraging voluntary compliance from real estate agents.

Real estate industry

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