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.
NAR President Gary Thomas testified this week about the importance of the FHA mortgage insurance program.
FHA may need $943 million from the Treasury to hold 30 years' worth of reserves.
Growing student debt will impact the ability of consumers to access mortgage credit, particularly first time homebuyers.
NAR wrote a letter to the EPA about lead paint hazard regulation in public and commercial buildings following renovations and remodeling activities.
On March 29, FEMA released information on changes to the policies and rates of the National Flood Insurance Program. Highlights of the changes, required under the Biggert-Waters Flood Insurance Reform Bill that passed in 2012, include revised premium rates, a new Reserve Fund assessment, updated rates for non-primary residences, exclusion of certain properties from receiving subsidized premium rates and no extesnions of subsidy to new policies or lapsed policies.
After a brief suspension of activity caused by HUD running out of funding for the program, the Section 184 Indian Home Loan Guarantee program was restarted on March 27, 2013.