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 March 4, 2013, NAR, along with 50 other members of the Coalition For Sensible Housing Policy, submitted a letter to federal regulators asking that the standards used in the recently released Qualified Mortgage rule (QM) be used to define the Qualified Residential Mortgage (QRM).
On February 27, Reps. Peter A. DeFazio (D-Ore.) and Jason E. Chaffetz (R-Utah) introduced HR 845 Known as the SHEILD Act. This legislation is intended to reduce litigation by “patent trolls” by making them liable for alleged infringers' court costs and attorneys' fees if their patents are found invalid or not infringed.
NAR President Gary Thomas last week testified before the Senate Banking Committee on the importance of FHA in housing markets.
The March 1 date for implementing across the board federal budget cuts arrived with no action to delay or forestall the cuts. The automatic reductions will affect most government programs and could result in periodic furloughs of government employees.
NAR, with other industry groups, sent a letter to the Congressional leaders, urging them to update the definition of "rural" in order to retain vital RHS housing programs in more than 900 rural communities.
On Monday, February 25th, 2013, the Bipartisan Policy Center (BPC) Housing Commission released a report titled, "Housing America's Future: New Directions for National Policy". This product was the culmination of 16-months of research and study.