On Wednesday, March 28, 2012, the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on “Accounting and Auditing Oversight: Pending Proposals and Emerging Issues Confronting Regulators, Standard Setters and the Economy.”
The US Department of Housing and Urban Development (HUD) announced Mortgagee Letter 2012-3, Miscellaneous Underwriting Issues for loans insured by the Federal Housing Administration (FHA). The Mortgagee Letter changes requirements for borrowers with individual or multiple disputed credit collections.
NAR recently commented on an Advanced Notice of Proposed Rulemaking (ANPR) issued by the Federal Housing Finance Agency (FHFA) on Property Assessed Clean Energy (PACE) programs.
On March 26, NAR submitted comments to the National Telecommunications and Information Administration (NTIA) on the Administration’s recently release Consumer Privacy Framework.
On March 26, 2012, Reps. Bachus (R-AL) and Garrett (R-NJ) issued a letter expressing concern to six banking agencies regarding their risk retention proposal, which contained a requirement that securitizers set aside the profits from sales of securities in a “premium capture cash reserve accounts” (PCCRAs).
On March 21st the Massachusetts Attorney General announced that a property management firm was fined $15,000 after the theft of a company laptop containing the personal information of over 600 Massachusetts residents.