The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Advocacy Group policy staff. To receive this content via email, subscribe to NAR's Member's Edge newsletter.
The Consumer Finance Protection Bureau (CFPB) issued a proposed rule covering a number of mortgage servicing topics.
Fannie Mae and Freddie Mac will be issuing new guidelines to enhance and streamline the short sale process.
On Aug. 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a proposal to implement new Home Ownership and Equity Protection Act (HOEPA) rules that expand the coverage of this statute and tightens the limits of what is considered a high cost loan.
NAR championed a coalition letter to House Leadership and the House Judiciary Committee urging support for Senate legislation reauthorizing the EB-5 regional center program.
The Federal Reserve Board has joined with five other federal regulatory agencies in proposing a new rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.
Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures and they now have until Dec. 31, 2012, to make a request for that review.
The U.S. Department of Agriculture’s Single Family Housing Guaranteed Loan Program has issued an advisory for lenders that will also be of interest to REALTORS with buyers and sellers over the next several weeks.
Municipalities across the country have seized on a novel approach to help resolve the current underwater mortgage crisis: using their power of eminent domain to seize mortgage loans from private investors through condemnation.
The conservator of Fannie Mae and Freddie Mac sent a notice to the Federal Register announcing the acceptance of public comments on the restructure of performing loans through the use of eminent domain.
President Obama is expected to soon sign a bill that will reinstate the higher VA loan limits, and will make the VA ARM programs permanent.