On Friday, April 13, NAR joined a broad coalition of lenders, investors, housing professionals, consumer advocates and civil rights groups, in sending a letter to Richard Cordray, director of the Consumer Financial Protection Bureau, urging for a broadly defined Qualified Mortgage (QM) that covers a wide range of traditionally safe products and underwriting criteria.
On April 14, 2012, Bank of America will implement new procedures for completing short sale transactions through the Equator platform. With the continued development of its online transaction portal to communicate with borrowers and authorized 3rd party advisors, Bank of America has taken steps to reduce the amount of time to complete short sales by performing underwriting and valuation tasks while agents collect required documentation.
April 9, 2012: U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today.
On Thursday, April 5, 2012, the Federal Reserve Board (Fed) issued a policy statement clarifying policies regarding the rental of REO properties acquired by banks through foreclosure.
U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today.
Given the concerns about FHA's overall fiscal stability, this bill balances the needs to protect the fund from taxpayer risk, with the need to continue to provide access to safe and affordable mortgage financing. There is not any plan for timing on the House Floor. There is not yet a companion in the Senate.
NAR noted that most PACE loans are in the primary lien position, which means that in the event of a default, these loans get repaid first, even before the mortgage. NAR believes that this first lien position of PACE loans adds an unnecessary risk and may threaten mortgage markets during the current fragile recovery of real estate markets.
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).
NAR stressed that it is critical that an anticipated multi-stakeholder process consider all relevant voices on this most important issue—including the small business/independent contractor whose business model is increasingly dependent on internet technologies to innovate and thrive.
Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012.