• December 6, 2017
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    The Federal Housing Finance Agency (FHFA) earlier this week released a report providing an update on its efforts to develop a common structure and Common Securitization Platform (CSP) for mortgage-backed securities (MBS) guaranteed and sold by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The report calls on market participants to begin preparing for the transition to CSP, which FHFA says will be fully implemented in the second quarter of 2019.

  • December 2, 2017
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    In the early hours of the morning today, the Senate passed its tax reform legislation by a vote of 51-49, with all Democrats and Senator Bob Corker (R-TN) voting against the bill, and all other Republicans voting for it. As we expected, the final legislation retains both Private Activity Bonds and the Housing Credit.

  • November 27, 2017
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    The White House announced last week that Mick Mulvaney, the Director of the Office of Management and Budget (OMB), will serve as acting Director of the Consumer Financial Protection Bureau (CFPB) until a permanent candidate is nominated and confirmed by the Senate. Mulvaney replaces Richard Cordray, who stepped down as CFPB Director on Friday.

  • November 17, 2017
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    A bipartisan group of Senators, including Banking Committee Chair Mike Crapo (R-ID), released yesterday the text of draft legislation reforming various federal financial regulations. The bill, titled the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” S. 2155, contains a number of changes to federal mortgage rules and also allows Hardest Hit Fund (HHF) program grantees to use their funds for lead and asbestos removal. A section-by-section summary of the bill can be viewed here.

  • November 17, 2017
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    Down payment assistance programs offered by state HFAs and other state and local government entities are critical to supporting sustainable homeownership opportunities for low- and moderate-income consumers, according to a November 15 report from the Urban Institute’s Housing Finance Policy Center. The report, which examines barriers to homeownership, advocates that HFA and industry participants collaborate to better educate consumers about these programs.

  • November 16, 2017
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    The Federal Housing Finance Agency (FHFA) today announced that it will permit the Government-Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, to resume equity investments in the Low Income Housing Tax Credit (Housing Credit) market, with some limitations, effective immediately. The GSEs each will be able to invest up to $500 million annually in the Housing Credit; however, annual investments above $300 million must be made in markets identified by FHFA as having difficulty attracting investors.

  • November 16, 2017
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    The House of Representatives this afternoon passed its tax reform legislation, the Tax Cuts and Jobs Act, H.R. 1, which eliminates the tax exemption for private activity bonds, including Housing Bonds. The final vote was 227 to 205, with two Democrats absent. Thirteen Republicans voted against the bill along with all of the Democrats casting a vote.

  • November 16, 2017
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    The Federal Housing Administration (FHA) released November 15 its 2017 Report to Congress on the financial status of its Mutual Mortgage Insurance Fund (MMIF). The report finds that the economic value of the MMIF, which finances FHA’s single-family loan programs, declined slightly in fiscal year (FY) 2017 but still remains above its statutorily mandated capital ratio of 2 percent.

  • November 15, 2017
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    Richard Cordray announced earlier today that he will step down as director of the Consumer Financial Protection Bureau (CFPB) by the end of this month. Cordray’s term was scheduled to end in mid-2018.

  • November 15, 2017
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    The U.S. House of Representatives yesterday passed legislation, the 21 Century Flood Reform Act, H.R. 2874, to reauthorize and reform the National Flood Insurance Program (NFIP). NFIP’s authorization is set to expire on December 9.