NCSHA Blogs
CFPB Announces Upcoming Assessment of Ability-to-Repay Rule
The Consumer Financial Protection Bureau (CFPB) yesterday published a notice in the Federal Register announcing that CFPB will be conducting an assessment of its Ability-to-Repay/Qualified Mortgage rule (ATR-QM). The Notice seeks public input on CFPB’s plans for the assessment and recommendations for improving it.
FHFA Seeks Stakeholder Impact on Expanding Mortgage Credit Access for Borrowers with Limited English Proficiency
The Federal Housing Finance Agency (FHFA) yesterday issued a Request for Input on how the single family housing market can better serve qualified borrowers with Limited English Proficiency (LEP). FHFA published this request to advance one of the goals of its 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, which calls on Fannie Mae and Freddie Mac to identify obstacles impacting LEP borrowers and formulate plans for increasing such borrowers’ access to mortgage credit.
Financial Services Committee Releases Flood Insurance Reform Bill Summary
House Financial Services Committee Chair Jeb Hensarling (R-TX) recently released a discussion draft summarizing legislation he intends to introduce soon that will reauthorize and reform the National Flood Insurance Program (NFIP). NFIP’s authorization is scheduled to expire at the end of fiscal year (FY) 2017. Hensarling says that NFIP reform will be one the Committee’s top priorities this year.
Senate Banking Committee Discusses Housing Finance Reform with FHFA Director Watt
The Senate Banking Committee yesterday held a hearing to examine the status of the housing finance system and the role in it of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. This is the first in a series of hearings the Committee is expected to hold this year as it works on housing finance reform legislation.
GSEs’ Duty to Serve Plans Include Proposals to Work with HFAs; Potential Housing Credit Investments
The Federal Housing Finance Agency (FHFA) earlier today released Fannie Mae and Freddie Mac’s proposed Underserved Market Plans (the Plans). The purpose of these plans is for each firm to explain how it intends to carry out its duties as outlined by FHFA’s Enterprise Duty to Serve rule.
House Financial Services Committee Advances Dodd-Frank Reform Bill
The House Financial Services Committee yesterday favorably reported the Financial Choice Act (The CHOICE Act, H.R. 10), which would repeal and replace a number of provisions of the Dodd-Frank Wall Street Reform Act. The bill includes several provisions that could impact the rules governing HFA lending programs and ways of financing them.
Congress Passes FY 2017 Spending Omnibus
Both the House and Senate, on May 3 and May 4, respectively, passed the FY 2017 omnibus spending package funding government agencies, including the Department of Housing and Urban Development (HUD), for the remainder of FY 2017, which ends September 30. The President is expected to sign the measure today.
Senate Confirms Jay Clayton for SEC Commissioner
The U.S. Senate on May 2 confirmed Jay Clayton’s nomination to chair the Securities and Exchange Commission (SEC) by a vote of 61-37. Clayton was previously a partner at Sullivan & Cromwell LLP, an international law firm. Clayton was sworn in as SEC Chair yesterday.
Trump Nominates Pam Patenaude for Deputy HUD Secretary
The White House announced today that President Donald Trump intends to nominate Pamela Patenaude to serve as Deputy Secretary for Housing and Urban Development (HUD). Patenaude is currently president of the J. Ronald Terwilliger Foundation for America’s Families, an organization that seeks to elevate housing’s place on the political agenda.
Administration Releases Tax Plan Outline
The Trump Administration released April 26 a one-page outline of tax reform principles and objectives it intends to pursue this year. The document calls for reductions in individual and corporate tax rates to be paid for, at least in part, by economic growth the Administration estimates the proposed changes will create and by eliminating tax deductions and other tax "breaks."
