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 Thursday, Feb. 7th, The Responsible Homeowner Refinancing Act of 2013 was introduced by Senators Robert Menendez (D-NJ) and Barbara Boxer (D-CA) in an effort to remove the barriers preventing many Fannie Mae and Freddie Mac borrowers from refinancing their loans to the lowest rate possible.
On Jan. 20, 2013, The Consumer Financial Protection Bureau (CFPB) published a final rule on Loan Originator Compensation as part of implementation of the Dodd-Frank Act.
On Jan. 30, 2013, the Federal Housing Administration’s (FHA) Commissioner Carol Galante announced a series of changes to be issued this week that manage risk and further strengthen the heath of FHA’s Mutual Mortgage Insurance Fund (MMI Fund).
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On Jan. 15, the U.S. Supreme Court heard oral arguments in Koontz v. St. Johns River Water Management District.
The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.