Earlier this past summer, NAR President Gary Thomas appointed a Presidential Advisory Group (PAG) to investigate the impacts that federal legisation passed last year to reform the National Flood Insurance Program (NFIP) will have on the real estate industry and property owners.
NAR President-elect Steve Brown explains the impact of the Oct. 1 federal government shutdown on programs important to real estate. Fannie Mae, Freddie Mac, FHA, and the federal flood insurance program are among the programs Brown discusses.
On September 27th, FHA announced that it would take a $1.7 billion draw from the Treasury to meet their 30-year reserve requirement.
The Department of Housing and Urban Development (HUD) will delay its proposal to prevent dual agency agreements in FHA pre-foreclosure transactions.
On Thursday, September 26, the House of Representatives passed H.R. 2600, the “Interstate Land Sales Disclosure Act of 2013,” sponsored by Rep. Carolyn Maloney (D-NY), by a vote of 410-0.
NAR members recently received word that the U.S. Department of Housing & Urban Development would be implementing a new policy on Oct. 1, 2013, that would prevent dual agency agreements in FHA pre-foreclosure transactions.
On Sept. 18, 2013, a Senate Banking Subcommittee held the first hearing on implementation of the Biggert-Waters Flood Insurance Reform Act.
On Tuesday, September 17, 2013, NAR President Gary Thomas sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Ed Demarco raising concerns about the continued attempts to increase cost and reduce access to conventional mortgages.
On September 18, 2013, NAR President Gary Thomas sent FHA Commissioner Galante a letter concerning HUD’s new policy preventing dual agency agreements in FHA pre-foreclosure transactions.
On September 19, the House Financial Services Committee held a hearing to examine the Terrorism Risk Insurance Act (TRIA) of 2002, which sunsets on December 31, 2014.