It is important for you to know which data security and privacy laws affect your business. Most states have enacted laws that require all businesses to keep personal information secure and to notify individuals in the event that security is breached. Real estate commissions in some states have enacted regulations pertaining to data security and document retention.
On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures.
NAR, in coalition with the National Association of Home Builders, sent a letter to the United States Senate urging swift passage of S. 2231, the “Small Business Lending Enhancement Act of 2012,” sponsored by Senator Udall (D-CO) and S. 3522, the “Responsible Homeowner Refinancing Act of 2012,” introduced by Senators Menendez (D-NJ) and Boxer (D-CA).