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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.

Bank of America Implements Short Sales Change

April 11, 2012: 

On April 14, 2012, Bank of America will implement new procedures for completing short sale transactions through the Equator platform. With the continued development of its online transaction portal to communicate with borrowers and authorized 3rd party advisors, Bank of America has taken steps to reduce the amount of time to complete short sales by performing underwriting and valuation tasks while agents collect required documentation.

Federal Appeals Judge Scraps EPA Veto, Agrees with NAR on Mountaintop Coal Mine

April 9, 2012: 

April 9, 2012: U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today.

Federal Reserve Issues Policy Statement on Rental of REOs

April 9, 2012: 

On Thursday, April 5, 2012, the Federal Reserve Board (Fed) issued a policy statement clarifying policies regarding the rental of REO properties acquired by banks through foreclosure.

Federal Appeals Judge Scraps EPA Veto, Agrees with NAR on Mountaintop Coal Mine

April 9, 2012: 

U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today.

NAR Recommends Enhancements to Proposed Seller Concessions Rule

April 2, 2012: 

NAR generally supports the proposed rule but makes several recommendations to mitigate unintended consequences that may negatively impact communities with higher than average closing costs. NAR recommends allowing seller concessions greater than the proposed 3 percent or $6,000; especially in areas of the country with higher closing costs.

House Committee Passes FHA Bill

April 2, 2012: 

Given the concerns about FHA's overall fiscal stability, this bill balances the needs to protect the fund from taxpayer risk, with the need to continue to provide access to safe and affordable mortgage financing. There is not any plan for timing on the House Floor. There is not yet a companion in the Senate.

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