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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.

CFPB Addresses Outstanding QM Issues

May 31, 2013: 

The Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs.

FHFA and HUD IGs Examine REO Handling

May 31, 2013: 

The Inspectors General (IGs) of the Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have issued a joint report on the handling of Real Estate Owned (REO) properties in the inventories of HUD, Fannie Mae and Freddie Mac. The Report puts all agencies on notice that REO disposition is being carefully scrutinized and will continue to be as efforts continue to shrink existing inventories and reduce taxpayer exposure.

U.S. Senators Express Concerns to FASB and IASB on Lease Accounting Proposal

May 31, 2013: 

On May 14, thirteen U.S. Senators sent a "Dear Colleague" letter to Ms. Leslie Seidman, Chairman ofthe Financial Accounting Standards Board ("FASB"), expressing concern that the FASB and the International Accounting Standards Board ("IASB") were preparing to release the latest expsoure draft on leases, but had still not released a cost-benefit analysis of the lease accounting proposal.

NAR Addresses 3% Cap in House Hearing

May 24, 2013: 

On May 21, 2013, NAR submitted a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on the Qualified Mortgage/Ability to Repay rule.  

Judiciary Committee Advances Immigration Bill

May 24, 2013: 

On May 21, 2013, the Senate Judiciary Committee approved S. 744, the Border Security, Economic Opportunity and Immigration Modernization Act, a broad overhaul of the nation’s immigration laws.

NAR Testifies on Impact of Student Loan Debt

May 24, 2013: 

On May 8, 2013, NAR Immediate Past President Moe Veissi testified at a Consumer Financial Protection Bureau field hearing on the impact that growing student debt will have on the ability of consumers to access mortgage credit, particularly first time homebuyers.

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