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 August 22, 2013, Fannie Mae announced updates to its automated underwriting standards to fix problems with credit reporting of short sales.
The U.S. Department of Agriculture (USDA) has funding available for Section 504 home repair loans.
On August 1, the leaders of a House subcommittee that regulates online commerce issues launched a bipartisan working group to examine online privacy issues and determine whether legislation is necessary to address concerns over the way companies are handling vast troves of data.
On Aug. 6, 2013, President Obama delivered a speech and released a fact sheet on the Administration’s proposal for housing finance reform. This was the Administration’s most significant discussion on housing finance since the release of the Treasury Department’s 2011 white paper, “Reforming America’s Housing Finance Market."
On Aug. 8, 2013 the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac, released a statement on the use of eminent domain to restructure performing loans along with an analysis of the implications for Fannie Mae, Freddie Mac and the FHFA. NAR cautions that the impact of such proposals could have a chilling effect on lending in these municipalities and raised these concerns with the FHFA in 2012.
The Senate Banking Committee last week passed S. 1376, “The FHA Solvency Act of 2013”, sponsored by Senators Johnson (D-SD) and Crapo (R-ID) by a bipartisan vote of 21-1.