On Thursday, January 5, 2011, President Obama installed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) using a recess appointment.
On December 23rd, 2011, President Obama signed legislation extending the payroll tax reduction and requiring the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) to raise GSE guarantee fees (g-fees) by at least ten basis points.
On December 27, 2011, NAR President Moe Veissi submitted NAR’s comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on future mortgage servicing structures and servicing compensation for single-family loans to enhance competition in mortgage servicing and origination.
Attorney Ben Pleune discusses the revised law and how those changes may affect the real estate industry.
Despite much legislative attention to government-sponsored enterprise reform, as evidenced by the three dozen Congressional bills dealing with Fannie Mae and Freddie Mac introduced in 2011, none had made it out of full committee by early December. Furthermore, action on GSE reform is unlikely before the 2012 elections, says Douglas M. Bibby, president of the National Multi Housing Council in Washington, D.C., an advocacy organization for the apartment industry.