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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.

FHFA and HUD IGs Examine REO Handling

May 31, 2013: 

The Inspectors General (IGs) of the Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have issued a joint report on the handling of Real Estate Owned (REO) properties in the inventories of HUD, Fannie Mae and Freddie Mac. The Report puts all agencies on notice that REO disposition is being carefully scrutinized and will continue to be as efforts continue to shrink existing inventories and reduce taxpayer exposure.

NAR Addresses 3% Cap in House Hearing

May 24, 2013: 

On May 21, 2013, NAR submitted a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on the Qualified Mortgage/Ability to Repay rule.  

3% Cap Bill Introduced in the Senate

May 17, 2013: 

On Tuesday May 14, 2013 Senator Joe Manchin (D-WV) and Senator Mike Johanns (R-NE) introduced S. 949 "The Consumer Mortgage Choice Act" in the United States Senate. The legislation addresses discrimination in the calculation of fees and points under the 3% cap on fees and points in the Qualified Mortgage rules.

Marketplace Fairness Act Coalition Letter

May 3, 2013: 

On March 18, 2013, NAR, in coalition with other industry groups, sent a letter to the Senate in support of a proposed amendment to the fiscal year 2014 Senate Budget Resolution which would implement S. 336, the Marketplace Fairness Act.

NAR President Testifies at Tax Reform Hearing

April 26, 2013: 

President Gary Thomas testified at a hearing of the House Ways and Means Committee entitled “Tax Reform and Residential Real Estate.”

NAR President Testifies on FHA

April 12, 2013: 

NAR President Gary Thomas testified this week about the importance of the FHA mortgage insurance program.

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