NCSHA Blogs
House Passes Continuing Resolution, Funds Federal Programs Into December
On September 17, the House passed by a vote of 319 to 108 a continuing resolution (CR), H.J. Res. 124, that continues funding for all federally funded programs through December 11, 2014 at slightly below FY 2014 funding levels, on an annualized basis. To offset new funding provided through a few targeted provisions in the CR while not exceeding the overall FY 2014 spending level, the CR includes an across-the-board funding reduction of almost 0.06 percent, compared to FY 2014 levels. The Senate is expected also to approve the CR this week.
NCSHA Urges FHFA To A Take Balanced Approach To GSE G-Fees and Support Reduced Fees for HFA Loans
Earlier this week, NCSHA submitted a letter responding to the Federal Housing Finance Agency’s (FHFA) June 5 Request for Input that solicited comments on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders in exchange for guaranteeing single-family mortgage loans. In its letter, NCSHA urges FHFA to take a balanced approach to setting the g-fees that gives equal consideration to the need to protect Fannie Mae and Freddie Mac’s financial stability and FHFA’s mission to support an efficient and accessible housing finance market.
Banking Regulators Propose New CRA Reforms
Yesterday, the Office of the Comptroller of the Currency (OCC), the Federal Deposit and Insurance Corporation (FDIC), and the Federal Reserve released new proposed guidelines for how bank examiners will enforce the Community Reinvestment Act (CRA). The new guidance amends the agencies’ “Questions and Answers” worksheet, which is intended to provide clarification on how CRA requirements are enforced. The revisions are part of an ongoing effort the agencies have undertaken to align CRA standards with modern banking practices.
Report Finds National Foreclosure Mitigation Counseling Program Achieves Positive Results
Earlier this week, the Urban Institute (UI) released its final evaluation of the National Foreclosure Mitigation Counseling (NFMC) program. Congress created the NFMC program in 2008 to address the nation’s foreclosure crisis through foreclosure mitigation counseling operated through state and local agencies and nonprofits.
CAP Report Outlines Concerns with FHA Distressed Asset Stabilization Program
The Center for American Progress (CAP) released a report last week which provides an overview of the Federal Housing Administration’s (FHA) Distressed Asset Stabilization Program (DASP). The report focuses on how DASP facilitates loan sales, who is buying the loans, and the outcomes of the loan purchases. CAP’s analysis of DASP is based on HUD’s recently released post-sale results report, which NCSHA summarized here.
Moody’s Report Highlights Positive HFA Economic Trends
A report released last week by Moody’s Investors Service finds that HFAs in FY 2013 experienced increased profitability, higher asset-to-debt ratios, and growing fund balances as a percentage of bonds outstanding. The study, which is based on audits from 49 states and 4 rated local HFAs, discusses three major findings:
Harvard’s Joint Center for Housing Studies Releases Report on Housing America’s Older Adults
This week, the Joint Center for Housing Studies of Harvard University (JCHS) released a report entitled "Housing America’s Older Adults: Meeting the Needs of an Aging Population." The report examines a number of trends for older adults, defined in the report as those aged 50 years and older, including housing preferences, disability rates, and income.
NCSHA and MBA Urge HUD to Eliminate Face-to-Face Meeting Requirement
Last week, NCSHA and the Mortgage Bankers Association (MBA) sent Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing Carol Galante a letter requesting that HUD rescind its requirement that a mortgagee have a face-to-face meeting with a borrower before the borrower becomes three months delinquent. FHA regulations require that all mortgagees, before
HUD Report Touts Successes of Loan Sales Program
According to HUD’s Quarterly Report on FHA Single Family Loan Sales (SFLS), released last week, its SFLS initiative is meeting its intended goal of minimizing loses to FHA’s Mutual Mortgage Insurance Fund MMI Fund while reducing taxpayer risk. As the charts below show, the report states that MMIF loss rates have decreased from 63.5 percent in the first quarter of 2010 to 52.9 percent in the second quarter of 2014 and the average price under the SFLS program has risen from 40 percent of unpaid principal balance (UPB) in 2012 to 60 percent in 2014.
