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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.

Property Management Firm Pays $15,000 Fine Following Data Breach

April 2, 2012: 

On March 21st the Massachusetts Attorney General announced that a property management firm was fined $15,000 after the theft of a company laptop containing the personal information of over 600 Massachusetts residents.

NAR Sends Letter to 6 Regulators on REO Disposition

April 2, 2012: 

On March 28, 2012, NAR President Moe Veissi sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Department of the Treasury, and Office of the Comptroller of the Currency, urging policymakers and lenders to focus on expanding the availability of financing for qualified home buyers and investors to increase the REO absorption rate.

Lawmakers Raise Concerns on PCCRA

April 2, 2012: 

On March 26, 2012, Reps. Bachus (R-AL) and Garrett (R-NJ) issued a letter expressing concern to six banking agencies regarding their risk retention proposal, which contained a requirement that securitizers set aside the profits from sales of securities in a “premium capture cash reserve accounts” (PCCRAs).

Bank of America Announces Mortgage to Lease Pilot Program

April 2, 2012: 

On March 23, 2012, Bank of America (BoA) announced that it was going to be offering a limited number of delinquent borrowers an opportunity to leaseback their homes after agreeing to execute a deed-in-lieu of foreclosure.

Legislation to Extend Expiring Relief Introduced

April 2, 2012: 

Three bills have been introduced by members of the tax-writing committees that would extend the 2007 mortgage cancellation relief that is currently scheduled to expire at the end of 2012.

House Financial Services Committee Passes RESPA Home Warranty Bill on Voice Vote

April 2, 2012: 

On Tuesday, March 27, 2012, The House Financial Services Committee passed HR 2446, The RESPA Home Warranty Clarification Act by a voice vote.

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