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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.
Final Anti-Money Laundering Rule for Non-bank Lenders and Originators Released
On February 7, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released a final rule that subjects nonbank residential mortgage lenders and originators to certain anti-money laundering (AML) regulations already applicable to other types of financial institutions.
HUD Removes Streamline Refinances from Lender Compare Ratio Calculation
Part of the Obama Administration’s announcement to help underwater homeowners includes the Streamline Refinance offered by the Federal Housing Administration (FHA).
House Subcommittee Passes FHA Bill
The Housing and Insurance Subcommittee of the House Financial Services Committee last week passed the " FHA Emergency Fiscal Solvency Act" (no bill number yet).
NAR Spearheads Industry Effort to Ensure RESPA/TILA Changes Work
On Friday, January 27, 2012, NAR submitted an industry letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking that the CFPB be more forthcoming in the underlying regulations governing the harmonization of disclosures and form under RESPA and TILA.
FHFA Seeks Applicants to Pre-qualify for REO to Rental Plan
On February 1 the Federal Housing Finance Agency (FHFA) announced that it is now accepting applications for investors who wish to bid on transactions in the initial pilot projects to be offered in the Obama Administration’s plan to expedite the disposition of foreclosed properties held by Fannie Mae, Freddie Mac, and FHA.
Fish and Wildlife Service to Increase Focus on Listing Species as Endangered
As a result of a court order in mid-2011, the U.S. Fish and Wildlife Service will emabrk on an aggressive push in 2012 to place more species on the endangered list, thereby placing more property out of development and increasing restrictions on property rights.