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Real Estate Services Update

The Real Estate Services (RES) Update is designed to keep diversified real estate firms and their agents informed about issues affecting 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.

May 31, 2013
The Inspectors General (IG’s) 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.
May 31, 2013
On Wednesday, May 29, 2013, the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs.
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.  
May 17, 2013
Senator Joe Manchin and Senator Mike Johanns introduced "The Consumer Mortgage Choice Act" in the United States Senate.
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.

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