The Environmental Protection Agency must justify its efforts to apply new lead paint regulations to public and commercial properties, Realtor® Harold Huggins testified at a public hearing today on behalf of the National Association of Realtors® and its affiliates, the Institute for Real Estate Management and the CCIM Institute.
2013 NAR President Gary Thomas has great news to share about the Consumer Mortgage Choice Act, a bipartisan legislative effort that clarifies how points and fees are calculated and ensures consumers have access to affordable mortgage credit.
NAR President Gary Thomas testified recently on Capitol Hill, urging Congress to change the 3% cap on points and fees in the Qualified Mortgage rule that takes effect in 2014. He asked them to instead pass the Consumer Mortgage Choice Act, legislation essential to maintain competition and choice in mortgage origination - legislation that keeps homeownership affordable. Watch Gary's latest podcast.
On Tuesday, June 18, 2013, NAR President Gary Thomas testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit in support of H.R. 1077, The Consumer Mortgage Choice Act.
Fannie Mae and Freddie Mac, the Government Sponsored Enterprises (GSEs), announced changes to their Standard Short Sale and HAFA guidelines to improve transparency and marketing of listed properties that will require GSE approval.
NAR 2013 President Gary Thomas sent a letter to Senators Debbie Stabenow (D-MI) and Dean Heller (R-NV) expressing gratitude for introducing S. 1187, “The Mortgage Forgiveness Tax Relief Act.” This bill would extend for two years the current law provision that allows tax relief for homeowners when lenders forgive some portion of mortgage debt they owe, such as in a short sale.
Two different bills are moving through Congress to address the rural housing issue.
On Thursday, June 13, Senators Mary Landrieu (D-LA) and James Risch (R-ID), Chairwoman and Ranking Member of the Senate Committee on Small Business, respectively, held a markup hearing of S.289, the “Commercial Real Estate and Economic Development (CREED) Act of 2013.”
With NAR’s support, Representatives Bill Cassidy (R-LA) and Maxine Waters (D-CA) have successfully attached an amendment to the Homeland Security Appropriations Bill to delay removal of “grandfathered” flood insurance rates for one year.
On Monday, June 3, 2013, NAR President Gary Thomas submitted comments to the Consumer Financial Protection Bureau (CFPB) on further proposed revisions to the Ability-to-Repay or Qualified Mortgage (QM) rule. These changes provide more flexibility for lenders to qualify borrowers under the QM safe harbor standard which provides certain protections from liability in connection with the ability to repay determination.