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.
On December 23rd, 2011, President Obama signed legislation extending the payroll tax reduction and requiring the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) to raise GSE guarantee fees (g-fees) by at least ten basis points.
On Thursday, January 5, 2011, President Obama installed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) using a recess appointment.
Moe Veissi, the 2012 President of the National Association of Realtors, sent a letter to Shaun Donovan, Secretary of Housing and Urban Development (HUD) requesting that investors be permitted to participate in the Federal Housing Administration’s (FHA) Section 203(k) Rehabilitation Mortgage Insurance Program to purchase vacant and foreclosed properties in need of significant rehabilitation.
Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures. The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers.
On December 27, 2011, NAR President Moe Veissi submitted NAR’s comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on future mortgage servicing structures and servicing compensation for single-family loans to enhance competition in mortgage servicing and origination.
In this issue: FHA Extends Anti-Flipping Waiver through 2012; Housing Taxed to Pay-for Extension of Existing Tax, Medicare, and Unemployment Benefits.
In this issue: NFIP Extended Until May 12; NAR President Veissi Meets with FHA; CFPB Issues Second Round of Proposed Closing Documents; CFPB Sets Up Mortgage Complaint Hotline; NTSB Urges States to Ban Use of Electronics While Driving
In this issue: Limited Time to Appeal FHA Loan Limits; NAR Supports Bill for Homeless Children; NAR Supports Making Investor Visa Regional Center Program Permanent; NAR Signs onto Accounting Coalition Letter; House Subcommittee Passes RESPA Home Warranty Clarification Act; Rural Development Announces Fee Changes for Refinance Mortgages.
NAR President Moe Veissi testified before the House Financial Services Committee on the important role of FHA in the marketplace and the FHFA released a summary of the responses received to the Request for Information on enhancing Fannie Mae, Freddie Mac, and the Federal Housing Administration’s REO asset disposition strategies announced August 10, 2011.
In this issue: NAR and Other Organizations Support Bill to Level Playing Field for Community Businesses; Bank of America Releases Short Sale Videos.