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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.
House Committee Passes FHA Bill
Given the concerns about FHA's overall fiscal stability, this bill balances the needs to protect the fund from taxpayer risk, with the need to continue to provide access to safe and affordable mortgage financing. There is not any plan for timing on the House Floor. There is not yet a companion in the Senate.
NAR Sends Letter to 6 Regulators on REO Disposition
On March 28, 2012, NAR President Moe Veissi sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Department of the Treasury, and Office of the Comptroller of the Currency, urging policymakers and lenders to focus on expanding the availability of financing for qualified home buyers and investors to increase the REO absorption rate.
Legislation to Extend Expiring Relief Introduced
Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012.
House Financial Services Committee Passes RESPA Home Warranty Bill on Voice Vote
On Tuesday, March 27, 2012, The House Financial Services Committee passed HR 2446, The RESPA Home Warranty Clarification Act by a voice vote.
Legislation Introduced to Fix Issues with Qualified Mortgage that Would Deny Consumer Choice
On Thursday March 29, 2012, Congressmen Bill Huizenga (R-MI), Ed Royce (R-CA), Lacy Clay (D-MO), and David Scott (D-GA) introduced "The Consumer Mortgage Choice Act." The legislation fixes issues with the Dodd-Frank Wall Street Reform Act's Qualified Mortgage (QM) provisions.
Congress Extends Flood Insurance for 60 days
On May 30, 2012, the House of Representatives passed a 60-day extension of the National Flood Insurance Program, which will enable the Senate to act on the 5-year reauthorization and reform bill this June.