On Thursday, February 9, 2012 the federal government and 49 states entered into a settlement dealing with the mortgage servicing issues emanating from the foreclosure crisis of the last few years including the "robo-signing" scandal.
On February 7, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released a final rule that subjects nonbank residential mortgage lenders and originators to certain anti-money laundering (AML) regulations already applicable to other types of financial institutions.
Part of the Obama Administration’s announcement to help underwater homeowners includes the Streamline Refinance offered by the Federal Housing Administration (FHA).
The Housing and Insurance Subcommittee of the House Financial Services Committee last week passed the " FHA Emergency Fiscal Solvency Act" (no bill number yet).
In the latest President's Podcast, 2012 NAR President Moe Veissi highlights how the REALTOR® agenda is moving forward with the president focusing on housing in the State of the Union address, building a large turnout for the Midyear Meetings, completing the National Flood Insurance Program reauthorization, and developing our public policy priorities for the coming year at the REALTOR® Party Advocacy and Policy Conference.
President Moe Veissi discusses an important issue that could cause the cost of home ownership to increase, and why he is urging members to contact their member of Congress and tell them to do no harm to housing.
On Friday, January 27, 2012, NAR submitted an industry letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking that the CFPB be more forthcoming in the underlying regulations governing the harmonization of disclosures and form under RESPA and TILA.
On February 1 the Federal Housing Finance Agency (FHFA) announced that it is now accepting applications for investors who wish to bid on transactions in the initial pilot projects to be offered in the Obama Administration’s plan to expedite the disposition of foreclosed properties held by Fannie Mae, Freddie Mac, and FHA.
As a result of a court order in mid-2011, the U.S. Fish and Wildlife Service will emabrk on an aggressive push in 2012 to place more species on the endangered list, thereby placing more property out of development and increasing restrictions on property rights.
On February 1 President Obama, speaking to a crowd in Falls Church, Virginia, detailed his plan to “help responsible homeowners and heal the housing market.” The plan calls for streamlined refinancing for potentially millions of borrowers with loans backed by Fannie Mae and Freddie Mac, while also creating a new FHA mortgage program to re-finance non-GSE mortgages.