We also call on Congress to hold hearings on the real estate marketplace. Perhaps what we should be talking about is a Real estate Consumer Bill of Rights.
Consumers already face a tough time in the marketplace when they go to obtain a mortgage.
Congress should not allow the regulators to change the rules in a way that could potentially harm consumers and offer no real benefit. The proposal went into an extended public comment period , which was due to expire May 1. However, the real estate industry is against the rule and wading through its filibuster-like barrage of comments has caused further delays. Delay is fine with CU, a nonprofit membership organization chartered in 1936 to provide consumers with information, education and counsel about goods, services, health, and personal finance. We urge Congress to send a clear signal to the regulators that they should not move ahead with the rule making until there has been ample time to conduct additional investigations, including further hearings if necessary, into the questions raised by this proposal.