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 Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.”
On Dec. 28, 2012, NAR submitted comments to FHA on the interpretive rule regarding prohibited sources of minimum cash investment under the National Housing Act.
In a letter to Senator Corker (R-TN) dated Dec.18, 2012, FHA announced additional changes to "rebuild the reserves of the Mutual Mortgage Insurance Fund."
On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures.
Earlier this year, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) released a white paper on the creation of a common secondary market securitization platform to begin the process of GSE Reform.
On Dec. 17, 2012, FEMA is launching the Online Letter of Map Change (LOMC) - a new way to submit a request to change a property’s flood zone designation.