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.
Last week, the Senate Banking Committee held a hearing entitled, "Oversight of FHA: Examining HUD's Response to Fiscal Challenges".
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 released their Annual Report to Congress and the Actuarial Review of the 2012 Financial Status of the FHA Mutual Mortgage Insurance Fund.
On Nov. 9, 2012, the Federal Reserve Board, the OCC, and the FDIC announced that proposed rules to implement the Basel III regulatory capital accords will not take effect on Jan. 1, 2013.
Last week the House passed the FHA Emergency Fiscal Solvency Act of 2012, which strengthens FHA's financial solvency; allows FHA to collect losses from lenders who made material errors in underwriting or committed fraud; and strengthens financial oversight and disclosure.
The Federal Housing Administration (FHA) issued a mortgagee letter announcing modest improvements to the treatment of condos under the FHA program.