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.
The Obama Administration announced two initiatives to help homeowners and their families. The Administration is reducing fees for Federal Housing Administration (FHA) borrowers seeking to refinance and providing relief to servicemembers and veterans.
On March 5, 2012, NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on efforts to streamline regulations inherited by the CFPB.
March 12, 2012: The NAR Legal Affairs Podcast for March is devoted to a discussion of the FTC Business Opportunity Rule which became effective March 1.
Starting March 20th and 22nd, 2012, the Treasury Department, in collaboration with the National Association of REALTORS®, will hold Making Home Affordable “Help for Homeowners” outreach events in California.
On February 29, key members of NAR committees and leadership met with the Federal Housing Finance Agency (FHFA) and other federal agencies to address the REO to Rental Initiative announced earlier in the week (see separate item). The purpose of this meeting was to express NAR's ongoing concerns about the implementation of the plan to dispose of government owned foreclosed properties by making them available for rental.
On February 27 the Federal Housing Finance Agency (FHFA) announced a pilot program to be operated by Fannie Mae to sell nearly 2500 foreclosed properties in six hard hit foreclosure states for the purpose of providing rental housing.