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Senate Passes Flood Insurance With House Amendments

March 14, 2014: 

On March 13, 2014, the United States Senate voted to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370).

Obama Fiscal 2015 Budget: Proposed Impacts on Real Estate-Related Programs

March 14, 2014: 

On March 4, 2014, President Obama released his $3.9 trillion budget for the 2015 fiscal year, which begins on Oct. 1. The budget and appropriations bills will be considered by Congress in the upcoming months, although very little action is expected on the Administration’s budget. The following document includes highlights of the most noteworthy real estate-related programs that will impact the business of real estate.

Internet Sales Tax Hearing

March 14, 2014: 

On March 12, the House Judiciary Committee held a full committee hearing on "Exploring Alternative Solutions on the Internet Sales Tax Issue." During the hearing, Members on the committee and the witnesses, who included a representative from shopping mall owners/operators, tax attorneys, and former U.S.

Proposed Elimination of FHA “Prepayment Penalty”

March 14, 2014: 

On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on their home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy with the Consumer Financial Protection Bureau’s Final Qualified Mortgage Rule.

FHA Short Sale Dual Agency

March 14, 2014: 

Some NAR members have received communications from servicers, such as Bank of America, that dual agency is not allowed in FHA short sales transactions.  This is not correct.

Interstate Land Sales Act Bill Introduced

March 14, 2014: 

On Tuesday March 11, 2014, Senators Charles Schumer (D-NY, Dean Heller (R-NV) and Kristen Gillibrand (D-NY) introduced S. 2101, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the act applies to condominiums.

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