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 March 4, 2014, President Obama released his $3.9 trillion budget for the 2015 fiscal year, which begins on Oct. 1. The budget and appropriations bills will be considered by Congress in the upcoming months, although very little action is expected on the Administration’s budget. The following document includes highlights of the most noteworthy real estate-related programs that will impact the business of real estate.
On March 12, the House Judiciary Committee held a full committee hearing on "Exploring Alternative Solutions on the Internet Sales Tax Issue." During the hearing, Members on the committee and the witnesses, who included a representative from shopping mall owners/operators, tax attorneys, and former U.S.
On March 13, 2014, the Department of Housing and Urban Development (HUD) issued a proposed rule to eliminate Federal Housing Administration (FHA) post-payment interest charges. The policy change would prohibit mortgagees from charging borrowers interest on their home mortgages for days or weeks after a principal balance pay-off. The proposed rule will align HUD policy with the Consumer Financial Protection Bureau’s Final Qualified Mortgage Rule.
Some NAR members have received communications from servicers, such as Bank of America, that dual agency is not allowed in FHA short sales transactions. This is not correct.
On Tuesday March 11, 2014, Senators Charles Schumer (D-NY, Dean Heller (R-NV) and Kristen Gillibrand (D-NY) introduced S. 2101, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the act applies to condominiums.
On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments.