Earlier today, the U.S. Senate passed the Home Flood Insurance Affordability Act, S. 1926, to delay premium increases for National Flood Insurance Program (NFIP) policyholders that are scheduled to take effect this year. The bill, which was introduced by Senator Robert Menendez (D-NJ), would delay the increases for about four years.
On January 29, the House voted to ensure that rural communities that are currently eligible for the U.S. Department of Agriculture’s (USDA) rural housing programs and that would lose eligibility due to USDA’s use of 2010 Census data will retain their eligibility through 2020. It also voted to increase the population limit used to define areas as rural from 25,000 to 35,000.
In last night's State of the Union address, President Obama cited economic growth and a "rebounding housing market" as reasons for optimism and called on Congress to pass a housing finance reform bill that would "protect taxpayers" and keep "the dream of homeownership alive for future generations."
Late yesterday, the Senate passed by a vote of 72 to 26 the FY 2014 omnibus appropriations bill, H.R. 3547. The House approved the same bill the day before, 359 to 67. The President is expected to sign the bill soon. The omnibus, which includes all 12 appropriations bills, sets final FY 2014 appropriations levels and funds all federally funded agencies, including HUD and the Department of Agriculture (USDA), through the end of FY 2014.
On January 13, appropriators filed the FY 2014 omnibus appropriations bill, H.R. 3547. The bill includes final FY 2014 funding levels for all federally funded agencies, including HUD and the Department of Agriculture (USDA). It provides $1.012 trillion for discretionary programs, which is approximately $24 billion more than provided in FY 2013.
On January 9, the Municipal Securities Rulemaking Board (MSRB) released a proposed rule that would establish standards of conduct and qualifications for municipal advisors who provide advice to state and local government entities, including state HFAs. MSRB’s proposal follows a final rule released last September by the U.S. Securities and Exchange Commission (SEC) that set an official definition of “municipal advisor” and established a registration system for them. The MSRB’s proposed guidelines will apply to all individuals and entities that fall under the SEC’s definition.
Earlier today, the Federal Housing Finance Agency (FHFA) announced that it had directed Fannie Mae and Freddie Mac to delay the implementation of increased guarantee fees (g-fees) that FHFA has previously ordered in December. New FHFA Director Mel Watt said that he will study the proposed changes and their impact on the housing market before deciding whether to go forward with them.
Earlier today, Representative Mel Watt (D-NC) was sworn in as director of the Federal Housing Finance Agency (FHFA), the federal regulatory agency that oversees the Government Sponsored Enterprises (GSEs) -- Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBs). Watt replaces Edward DeMarco, who has led the agency in an acting capacity for over four years
Earlier today, the Consumer Financial Protection Bureau (CFPB) released its final Integrated Mortgage Disclosure rule. This rule, which requires lenders to send borrowers new disclosure forms when they apply for a home mortgage and shortly before they close, will take effect on August 1, 2015.
On September 18, the U.S. Securities and Exchange Commission (SEC) unanimously approved a final rule establishing a registration system for municipal advisors. The rule implements provisions in the Dodd-Frank Wall Street Reform Act that require the SEC and the Municipal Securities Rulemaking Board (MSRB) to regulate municipal advisors who advise state and local governments and other municipal