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.
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.
On Tuesday, March 27, 2012, The House Financial Services Committee passed HR 2446, The RESPA Home Warranty Clarification Act by a voice vote.
On Thursday March 29, 2012, Congressmen Bill Huizenga (R-MI), Ed Royce (R-CA), Lacy Clay (D-MO), and David Scott (D-GA) introduced "The Consumer Mortgage Choice Act." The legislation fixes issues with the Dodd-Frank Wall Street Reform Act's Qualified Mortgage (QM) provisions.
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.
On Wednesday, March 28, 2012, the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing on “Accounting and Auditing Oversight: Pending Proposals and Emerging Issues Confronting Regulators, Standard Setters and the Economy.”
The US Department of Housing and Urban Development (HUD) announced Mortgagee Letter 2012-3, Miscellaneous Underwriting Issues for loans insured by the Federal Housing Administration (FHA). The Mortgagee Letter changes requirements for borrowers with individual or multiple disputed credit collections.