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The Department of Housing and Urban Development has published notice in the Federal Register that it is extending the comment for its proposed changes to the RESPA rule. The public comment period was set to close on May 13, 2008. The public comment period will now close on June 12, 2008.

The Federal Trade Commission testified before the U.S. Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Interstate Commerce, Trade, and Tourism, about the Commission’s continuing efforts to protect subprime mortgage borrowers. The testimony described the agency’s priorities, including deceptive mortgage advertising, deceptive or unfair servicing practices, discrimination in lending, and foreclosure rescue scams by mortgage companies.

In addition, the FTC has charged Foreclosure Solutions, LLC and Timothy A. Buckley with operating a nationwide mortgage foreclosure “rescue” scam.  According to the FTC’s press release, the company charged consumers as much as $1,200 to save their homes from foreclosure but failed to do so. The FTC seeks to bar them from further law violations and make them forfeit their ill-gotten gains.

The U.S. Treasury Department has  released its Blueprint for an improved financial regulatory structure.  This structure is designed to  strengthen consumer protections, improve tools for market stability and enhance financial innovation. Treasury's Blueprint for a Modernized Financial Regulatory Structure also presents a series of short-, intermediate- and long-term recommendations for reform of the U.S. regulatory structure.

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