By Nan Roytberg
Could your association end up in court for publishing property listings in its MLS or on its Web site that inadvertently violate the Fair Housing Act? The answer
is yes. Here’s one cautionary tale, along with some words of wisdom.
Like many counties across America, Loudoun County, Virginia, is known for its thriving business environment and exceptional quality of life. Yet it faces a housing challenge that could dramatically change the future—and face—of this area.
Over the past several years, Loudoun County’s high-priced real estate market has rapidly exceeded the budgets of the county’s workforce—teachers, law enforcement officers, and retail workers. The average home price climbed from $280,696 in 2000 to $514,787 by the end of 2006.
On March 9, 2012, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac, or the GSEs) released details on the implementation of the new FHFA strategic plan through the use of a “2012 Conservatorship Scorecard”.
On February 15, 2012, Freddie Mac released an update to its servicing guide, reinforcing the requirement that servicers must waive all rights to seek deficiencies for short sale and deed-in-lieu of foreclosure transactions on Freddie Mac Mortgages.
On March 7, 2012, the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG) released a report on FHFA’s supervision of Freddie Mac.
On March 6, 2012, Fannie Mae announced that it will soon implement policy changes to its Lender-Placed Insurance (LPI) requirements.