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May 15, 2008

Dear ATG Members:

We are once again faced with the prospect of a HUD Proposed Rule that could have a negative impact on ATG members and the consumers we represent.

HUD has issued a new proposed rule that on its face would improve the disclosures associated with the purchase of a home. That rule, entitled "Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Settlement Costs," was published by HUD on March 14, 2008.

ATG has submitted the enclosed comment regarding this rule.

As I point out in our comment, it feels like Groundhog's Day. Just like 1992 and 2002, an otherwise pro-consumer regulation from HUD is tarnished by an effort to bestow point of purchase control of title products and other services on money center banks and other mortgage bankers.

In light of the subprime lending debacle, can you imagine the irony of giving these people more power?

The new rule as written would give lenders a great deal of control over the selection of the title company at the time the purchaser makes the loan application. In addition, the regulations provide for the closer to read a script at closing providing a detailed analysis of the transaction comparing the Good Faith Estimate (GFE) tendered to the consumer at the time of application with the HUD-1 presented at closing. In Illinois, that would clearly be the practice of law. As disturbing, the closer would be required to determine the accuracy of the GFE and whether to close the loan.

We have met with individual members of Congress as well as House and Senate Committee staff members to address our concerns. But we also look to you to contact your local congressional member to articulate your concerns. In the past, this has been one of our most powerful tools in getting our voice heard in Washington. We believe that holds true today. So please sendthe enclosed letteror your own personal letter to yourkey contacts on Capitol Hill. Working together we will prevail!

Very truly yours,

Peter J. Birnbaum
President