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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.

NAR Testifies Before House Financial Services Subcommittee on RESPA/TILA Harmonization

June 22, 2012: 

On Wednesday, June 20, 2012, NAR 2012 President Moe Veissi testified before the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity on the forthcoming Consumer Financial Protection Bureau (CFPB) rulemaking on RESPA/TILA harmonization.

Senate Passes Rural Housing Amendment

June 22, 2012: 

As part of the Farm Bill (S.3240), the Senate passed an amendment by Senators Nelson (D-NE) and Johanns (R-NE) that will grandfather communities currently eligible for rural housing programs, and increase the population threshold for those communities to 35,000.

Lawmakers Raise Concerns on PCCRA and QRM

June 22, 2012: 

On June 19, 2012, twelve members of Congress, led by Sens. Hagan (D-NC) and Crapo (R-ID), issued a letter expressing concern to six banking agencies regarding their proposed risk retention regulations.

Fannie Mae Issues Guidance on Private Transfer Fee Covenants

June 22, 2012: 

Fannie Mae issued Selling Guide Announcement SEL-2012-05. The Guide states that effective July 16, 2012, Fannie Mae will not purchase or securitize mortgages on properties encumbered by private transfer fee (PTF) covenants that were created on or after February 8, 2011.

NAR Submits Comments on FHFA Strategic Plan

June 22, 2012: 

On June 13, 2012, NAR President Moe Veissi submitted comments to the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs)) on its Strategic Plan for Fiscal Years 2013-2017 that incorporates the strategic plan for the conservatorships of Fannie Mae and Freddie Mac FHFA sent to Congress in February 2012.

Update on Basel III and Final Rule for Basel 2.5

June 15, 2012: 

On June 7, 2012, the Federal Reserve Board of Governors unanimously approved the release of three Notices of Proposed Rulemaking (NPRs) for Basel III and the final rule for Basel 2.5.

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