The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Government Affairs policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
The week of July 16, the Federal Housing Administration (FHA) announced the expansion of the Distressed Asset Sale Program (DASP).
On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.
The EPA is required to develop regulations that establish lead safe work practices for renovation, repair and painting (RRP) activities for commercial and public buildings, and the date was recently pushed back a second time, to Sept. 15, 2012.
On Monday, July 9, 2012, The Consumer Financial Protection Bureau (CFPB) issued the long awaited RESPA/TILA harmonization proposal. The proposal, at 1,100 pages is far more ambitious than simplifying and combining the Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures given to consumers upon application for a mortgage as NAR advocated.
Last week the House Agriculture Committee considered the 2012 Farm Bill. A similar bill passed the Senate last month, and included a provision to grandfather existing communities elibigle for rural housing programs. Rep. Fortenberry (R-NE) offered an amendment in the House markup to grandfather existing rural housing communities.
On Monday, July 9, 2012, NAR joined the Consumer Mortgage Banking Project (CMBP) in responding to the Consumer Financial Protection Bureau (CFPB) request for additional information and data in developing the Qualified Mortgage (QM) test.