Public Affairs Update……………………………………………………………..July 12, 2017
- NAR Submits Statement on Housing Finance Reform
- Capital Reserve Moves Raise Concern
- NAR Working to Preserve Net Neutrality
- Mortgage Industry Rules Get a Makeover
- In Case You Missed It
NAR Submits Statement on Housing Finance Reform
On June 29, 2017, the U.S. Senate Committee on Banking, Housing & Urban Affairs held its first of several hearings of the year on housing finance reform. The hearing, entitled “Principles of Housing Finance Reform” consisted of three witness panelists from the Mortgage Bankers Association, Housing Policy Counsel of the Financial Services Roundtable, and Center for Responsible Lending.
NAR submitted a statement highlighting that any new housing finance system must ensure that in all markets mortgage capital will always remain available for creditworthy Americans. Second, NAR stated that taxpayer dollars should be protected.
Furthermore, in order to shield taxpayers and ensure a steady flow of capital into the mortgage market in both good times and bad, NAR urged lawmakers to convert the Enterprises into government-chartered, non-shareholder owned authorities that are subject to tighter regulations on products, profitability, and minimal retained portfolio practices in a way that ensures the protection of taxpayer monies. Read NAR's Statement [Source: NAR Update 074-05-2017]
Capital Reserve Moves Raise Concerns
NAR has submitted letters to the FHFA director, U.S. Treasury secretary, and members of Congress expressing concern over the scheduled elimination of capital reserves held by Fannie Mae and Freddie Mac. [Source: NAR Update 07-06-2017]
NAR Working to Preserve Net Neutrality
REALTORS® have joined a coalition of businesses and public interest groups working to preserve open internet rules — also known as network neutrality.
[Source: NAR Update 07-06-2017]
In October 2015, TRID was implemented with issues that would later be addressed in July 2016 to provide greater clarity and certainty surrounding the rule. In early 2017, the Consumer Financial Protection Bureau released their report on the Bureau’s activities from Q4 2015 to Q3 2016 laying out some of the materials and helps it provided during that 12-month period to assist institutions implement three initiatives. » READ MORE [Source: DSNews.com 07-05-2017]
In Case You Missed It
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