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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.

NAR Urges CFPB to Fix Qualified Mortgage Cap on Fees and Points

February 22, 2013: 

NAR submitted comments on the Ability to Repay/Qualified Mortgage (QM) concurrent proposal seeking guidance on the calculation of fees and points and other matters such as rural mortgage access and non-profit lending.

The Myth of the $30,000 National Flood Insurance Policy

February 22, 2013: 

Recently, the news media reported that national flood insurance rates could increase to $30,000 a year.

Interior Finalizes Plan for Species-Protection Backlog

February 22, 2013: 

The Fish and Wildlife Service has finalized its plan for tackling the backlog of species that warrant protection under the Endangered Species Act.

FHA Testifies Before House Committee

February 15, 2013: 

FHA Commissioner Carol Galante testified before the House Financial Services Committee last week. Her testimony focused on the critical role that FHA has been taking in the housing recovery.  She also acknowledged FHA's financial woes, and explained the variety of things FHA has been doing to stabilize the Fund.

Flood Insurance Update

February 15, 2013: 

On Jan. 1, 2013, the National Flood Insurance Program (NFIP) began phasing out the rate subsidies for the vast majority of older properties. The 2012 Biggert-Waters law (which extended the NFIP for 5 years) requires that subsidized rates increase in steps of 25% per year until the affected owners are paying the full cost for flood insurance. Passage of this law was essential to ensure that all properties, including second/vacation homes, would continue to have access to comprehensive coverage under the NFIP.

House Committee Begins Review of FHA

February 8, 2013: 

The House Financial Services Committee held the first in a series of hearings on the State of the FHA single-family mortgage insurance program.

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