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 Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs.
The Inspectors General (IGs) of the Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have issued a joint report on the handling of Real Estate Owned (REO) properties in the inventories of HUD, Fannie Mae and Freddie Mac. The Report puts all agencies on notice that REO disposition is being carefully scrutinized and will continue to be as efforts continue to shrink existing inventories and reduce taxpayer exposure.
On May 21, 2013, NAR submitted a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on the Qualified Mortgage/Ability to Repay rule.
On May 21, 2013, the Senate Judiciary Committee approved S. 744, the Border Security, Economic Opportunity and Immigration Modernization Act, a broad overhaul of the nation’s immigration laws.
On May 8, 2013, NAR Immediate Past President Moe Veissi testified at a Consumer Financial Protection Bureau field hearing on the impact that growing student debt will have on the ability of consumers to access mortgage credit, particularly first time homebuyers.
On Tuesday May 14, 2013 Senator Joe Manchin (D-WV) and Senator Mike Johanns (R-NE) introduced S. 949 "The Consumer Mortgage Choice Act" in the United States Senate. The legislation addresses discrimination in the calculation of fees and points under the 3% cap on fees and points in the Qualified Mortgage rules.