The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers
throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas
of the country. The Congress also finds that it has been over two years since the Secretary
of Housing and Urban Development and the Administrator of Veterans’ Affairs submitted their joint report to the Congress on “Mortgage
Settlement Costs” and that the time has come for the recommendations for Federal
legislative action made in that report to be implemented.