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.
On Oct. 29, 2013, NAR President Gary Thomas testified at a U.S. Senate Banking Committee hearing entitled, "Housing Finance Reform: Essentials of a Functioning Housing Finance System for Consumers."
On Oct. 29, 2013, Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation.
On Oct. 30, real estate and finance industry groups, including NAR, sent a joint trade letter the agencies responsible for the QRM rules (the Federal Reserve, FDIC, HUD, SEC, Department of the Treasury, and the FHFA) regarding commercial real estate elements of the re-proposed rule on credit risk retention ("the Re-proposal").
On Oct. 29, 2013, NAR commented on FHA's proposed Ability to Repay/Qualified Mortgage(QM) Rule.
On Monday, Oct, 28, 2013, Senators Joe Manchin (D-WV), Senator Mike Johanns (R-NE), Carl Levin (D-MI), Pat Toomey (R-PA), Debbie Stabenow (D-MI) and Mark Kirk (R-IL) introduced S. 1577: The Mortgage Choice Act.
Five federal regulatory agencies are issuing a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas.