NCSHA Blogs
Trump Taps Mulvaney to Run CFPB as Interim Director; Leadership Dispute Emerges
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.
Senators Release Text of Financial Regulatory Reform Bill
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.
Urban Institute Report Touts Importance of HFA Down Payment Assistance Programs
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.
FHFA Permits Fannie and Freddie to Again Invest in Housing Credit Market
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.
House Passes Tax Reform Bill; Senate Committee Action Continues
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.
FHA Report: Delaying Premium Increases Kept Mortgage Fund at Mandated Capital Levels
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.
HUD Announces VAWA Final Rule
On November 16, HUD published in the Federal Register the final rule implementing housing provisions under the Violence Against Women Reauthorization Act of 2013 (VAWA) as it applies to HUD programs. The rule codifies VAWA core protections across covered HUD programs to ensure individuals are not denied assistance, evicted, or have their assistance terminated because of their status as victims of domestic violence, dating violence, sexual assault and stalking, or for being affiliated with a victim.
Cordray to Leave CFPB by End of Month
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.
House Passes Legislation to Renew Flood Insurance Program
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.
Senate Finance Committee Releases Modified Tax Reform Bill; House Prepares for Floor Tax Reform Action
Late last night, Senate Finance Committee Chairman Orrin Hatch (R-UT) released his Modified Chairman's Mark—the new version of the Senate tax reform legislation from which the Committee will work as it completes its mark-up this week. The Modified Chairman's Mark, like the previous version of the legislation, preserves the Low Income Housing Tax Credit and tax-exempt private activity bonds (PABs).
