April 2012

Realtors® Call for Broad Qualified Mortgage Definition to Help Consumers and Housing Market

On Friday, April 13, NAR joined a broad coalition of lenders, investors, housing professionals, consumer advocates and civil rights groups, in sending a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, urging for a broadly defined Qualified Mortgage (QM) that covers a wide range of traditionally safe products and underwriting criteria.

Legislation Introduced to Fix Issues with Qualified Mortgage that Would Deny Consumer Choice

On Thursday, March 29, 2012, Congressmen Bill Huizenga (R-MI), Ed Royce (R-CA), Lacy Clay (D-MO), and David Scott (D-GA) introduced "The Consumer Mortgage Choice Act."

House Financial Services Committee Passes RESPA Home Warranty Bill on Voice Vote

On Tuesday, March 27, 2012, the House Financial Services Committee passed H.R. 2446, “The RESPA Home Warranty Clarification Act” by a voice vote.

Federal Reserve Issues Policy Statement on Rental of REOs

On Thursday, April 5, 2012, the Federal Reserve Board (Fed) issued a policy statement clarifying policies regarding the rental of REO properties acquired by banks through foreclosure.

NAR Sends Letter to 6 Regulators on REO Disposition

On March 28, 2012, NAR President Moe Veissi sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Department of the Treasury, and Office of the Comptroller of the Currency, urging policymakers and lenders to focus on expanding the availability of financing for qualified home buyers and investors to increase the REO absorption rate.

Legislation to Extend Expiring Relief Introduced

Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012.

NAR Recommends Enhancements to Proposed Seller Concessions Rule

On Monday, March 26, 2012, NAR President Moe Veissi sent a letter to Federal Housing Administration (FHA) Acting Commissioner, Carol Galante, on a proposed rule amending permitted seller concessions.

House Committee Passes FHA Bill

The House Financial Services Committee passed H.R. 4264, the “FHA Emergency Fiscal Solvency Act of 2012”, introduced by Rep. Judy Biggert (R-IL).

Government Releases Details of $25 Billion Mortgage Servicing Settlement

On Monday, March 12, 2012, the federal government released details of the $25 billion dollar national mortgage settlement stemming from the "robo-signing" scandal.

Marketing News

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