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The Real Estate Services (RES) Update is designed to keep diversified real estate firms and their agents informed about issues impacting their businesses. This monthly newsletter includes legislative and regulatory updates, news on industry trends, and the latest information on NAR activities as they affect diversified real estate firms.
NAR Comments on Gfee Increases
On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures.
NAR Submits Comments on FHFA Securitization Platform
Earlier this year, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) released a white paper on the creation of a common secondary market securitization platform to begin the process of GSE Reform.
CFPB Follows NAR Advice on Consumer Testing of RESPA/TILA Forms
On Thursday, Dec. 13, 2012, The Consumer Financial Protection Bureau (CFPB) announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis.
Senate Banking Committee Holds Hearing on FHA Audit
Last week, the Senate Banking Committee held a hearing entitled, "Oversight of FHA: Examining HUD's Response to Fiscal Challenges".
House of Representatives Holds a Joint Hearing on Basel III Capital Standards
The House Subcommittee on Financial Institutions and Consumer Credit and the House Subcommittee on Insurance, Housing and Community Opportunity held a joint subcommittee hearing on “Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards.”
FHA FY 12 Audit Published
FHA released their Annual Report to Congress and the Actuarial Review of the 2012 Financial Status of the FHA Mutual Mortgage Insurance Fund.