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New Rules Proposed for Higher-Risk Mortgages

August 17, 2012: 

The Federal Reserve Board has joined with five other federal regulatory agencies in proposing a new rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.

Coalition Urges Passage of Foreign Investment Bill

August 17, 2012: 

NAR championed a coalition letter to House Leadership and the House Judiciary Committee urging support for Senate legislation reauthorizing the EB-5 regional center program.

CFPB Issues HOEPA Rule Proposal for High Cost Loans

August 17, 2012: 

On Aug. 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a proposal to implement new Home Ownership and Equity Protection Act (HOEPA) rules that expand the coverage of this statute and tightens the limits of what is considered a high cost loan.

Some Local Governments Looking to Eminent Domain to Solve Mortgage Crises

August 17, 2012: 

Municipalities across the country have seized on a novel approach to help resolve the current underwater mortgage crisis: using their power of eminent domain to seize mortgage loans from private investors through condemnation.

Guaranteed Loan Program for Rural Areas Issues Loan Processing Advisory

August 17, 2012: 

The U.S. Department of Agriculture’s Single Family Housing Guaranteed Loan Program has issued an advisory for lenders that will also be of interest to REALTORS with buyers and sellers over the next several weeks.

FHFA Raises Concerns Over Eminent Domain Proposal

August 10, 2012: 

The conservator of Fannie Mae and Freddie Mac sent a notice to the Federal Register announcing the acceptance of public comments on the restructure of performing loans through the use of eminent domain.

Extension of Mortgage Cancellation Relief Goes Forward

August 3, 2012: 

The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through December 31, 2013.

Senate Passes Foreign Investment Bill

August 3, 2012: 

The Senate passed S. 3245, which reauthorizes the EB-5 regional center program that allows foreign investors to channel investment funds into American businesses and developments for three years.

Coalition Urges Extension of Rural Housing Programs

August 3, 2012: 

On Sept. 30, more than 900 communities who currently are eligible for housing programs under the Rural Housing Service in the Department of Agriculture become ineligible.

Senate Committee Conducts Hearing on Section 8 Reform

August 3, 2012: 

Last week the Senate Banking Committee convened a hearing on "Streamlining and Strengthening HUD’s Rental Housing Assistance Programs."

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