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 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.
On Tuesday, July 30, 2013, the National Association of REALTORS® (NAR), the National Association of Home Builders (NAHB), the Community Associations Institute (CAI), and the Institute for Real Estate Management (IREM) submitted comments to Federal Housing Commissioner Carol Galante.
On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) released final rulethat make changes to its January 2013 final mortgage rules under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
Last week the House Financial Services Committee passed H.R 2767, the Protecting American Taxpayers and Homeowners (PATH) Act, introduced by Rep Garrett (R-NJ). The vote of 30-27 was strongly along party lines with only two Republicans (Fitzpatrick (R-PA) and Miller (R-CA)) voting against the bill.
The Senate Banking Committee held a hearing last week on S. 1376, the "FHA Solvency Act of 2013," introduced by Senators Johnson (D-SD) and Crapo (R-ID). This bill provides promotes FHA’s financial solvency with common sense financial reforms, while still retaining FHA’s critical historic mission.