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