Conventional Residential Lending Report

 
NAR’s Input on Reforming the Housing Finance System
Earlier this year, Treasury Secretary Timothy Geithner indicated that the Obama Administration would seek public input on the reform of the U.S. Housing Finance System. In order to facilitate a focused conversation, the Administration published seven questions and established a July 21st deadline to help drive the conversation. The National Association of REALTORS®; (NAR), along with over 500 other interested parties, responded to the government’s solicitation for comments.

NAR’s comments reiterated the recommendations of the GSE PAG that: (1) some level of government involvement is required in the secondary mortgage market, and (2) the restructure of Fannie Mae and Freddie Mac should occur in a manner that ensures the flow of capital continues to enter the mortgage market regardless of the state of the housing or mortgage market or overall economy.

The Administration will use the submitted comments to help them (HUD and the U.S. Department of Treasury) complete a study of the housing finance system and report their findings to Congress by January 31st, 2011, as required by the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act.

Enclosed, for your reference, is a link to the comment letter submitted by NAR in response to the Administration’s request for input.

NAR Comment Letter to HUD and U.S. Dept. of Treasury regarding “Input on the Reform of the Housing Finance System >

Contacts: Tony Hutchinson, 202-383-1120

Contacts: Jeff Lischer, 202-383-1117

 
Dodd-Frank Wall Street Reform and Consumer Protection Act signed into Law
On Wednesday, July 21st, President Obama signed into law the most sweeping reform of the U.S. Financial Services sector since the Great Depression, the Dodd-Frank Wall Street Reform and Consumer Protection Act. From the legislation’s inception, NAR worked to ensure that its provisions would maintain the separation of financial activity from the commercial activity of real estate brokerage.

Due to the complexity of the Act, it is comprised of fifteen different titles that touch diverse financial subjects from derivatives to insurance to mortgage reform; NAR has prepared a brief to highlight those provisions that are of importance to real estate professionals.

H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act >

Contacts: Tony Hutchinson, 202-383-1120

Contacts: Jeff Lischer, 202-383-1117

 
House Committee Votes to Extend Loan Limits
Last week the House Appropriations Committee passed language to extend the current loan limits for FHA and Freddie Mac and Fannie Mae (the GSEs) through September 30, 2011. The FY11 HUD Appropriations bill now moves to the full House, where a vote is expected this week. The Senate has also begun consideration of the FY11 HUD Appropriations bill. NAR will continue to work to support the extension, and work to make these limits permanent.

Contacts: Megan Booth, 202-383-1222

Contacts: Tony Hutchinson, 202-383-1120

Contacts: Jeff Lischer, 202-383-1117

Advertisements