NCSHA Blogs
USDA Delays Implementation of Section 502 Guaranteed Loan Program Guidelines to December 1
This morning, the United States Department of Agriculture (USDA) officially announced that it is delaying until December 1 the effective date of an interim final rule the agency released in December 2013 that would make a number of changes to its Single Family Housing Loan Guarantee program. The rule was initially set to go into effect on September 1.
July Housing Scorecard Reports Sales of Existing Homes Up, Sales of New Homes Down
Earlier this month, the Obama Administration released its July Housing Scorecard. The report states that the housing market has continued to show signs of progress as sales of existing homes continue to rise for the third consecutive month, while foreclosure starts and completions remain in decline. Sales of new homes are markedly lower than last month despite May’s numbers being revised downward since last month’s report.
FHFA Seeks Input on Establishing a Common GSE Security
Yesterday, the Federal Housing Finance Agency (FHFA) released a Request for Input seeking public comments on its proposal for forming a single mortgage-backed security (MBS) that would be issued and guaranteed by both Government Sponsored Enterprises (GSEs) — Fannie Mae and Freddie Mac. The establishment of a single MBS to be used by both GSEs
Galante to Leave FHA
Earlier today, Federal Housing Commissioner and Assistant Secretary for Housing Carol Galante announced in a letter to stakeholders that she will be leaving HUD this fall. Galante has served in her current position since the end of 2011, having first joined the Federal Housing Administration (FHA) in 2009 as the Deputy Assistant Secretary for Multifamily Housing.
Moody’s Sees HFA Strength in Bond Market, Declining Variable Rate Debt
According to two reports released last week by Moody’s Investors Service, HFAs are continuing to benefit from changes in the mortgage finance market. In the reports, Moody’s predicts that HFA single-family bond financing will soon become a more significant portion of HFA mortgage funding and that HFAs will continue to benefit from declining amounts of
NABL Releases Paper To Help Issuers Comply with SEC’s MCDC Initiative
Earlier this week, the National Association of Bond Lawyers released a paper designed to help state HFAs and other municipal issuers determine whether they should consider self-reporting misleading statements they may have made in their bond offering documents as part of the U.S. Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation initiative (MCDC).
Congress Begins August Recess with FY 2015 Appropriations Work Unfinished
Congress has departed Capitol Hill for a five-week recess period without passing any FY 2015 appropriations bills. It is expected that Congress will approve in September a short-term continuing resolution (CR) funding all federally funded agencies until after the mid-term elections and possibly into December. The new fiscal year begins on October 1.
SEC Delays MCDC Self-Reporting Deadline for Municipal Issuers to December 1
Last night, the U.S. Securities and Exchange Commission announced an extension of the deadline for municipal bond issuers, including state HFAs, to report voluntarily possible disclosure violations through its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative to December 1, 2014. The original deadline was September 9.
Final HUD Rule on Excess Multifamily Claims Adopts NCSHA-Recommended Changes
HUD published today a final rule requiring mortgagees participating in FHA multifamily mortgage insurance programs to return to FHA excess bond funds remaining after an FHA payment is used to satisfy bonds issued to finance the project.
House Budget Committee Chair Releases Proposal to Reform Federal Anti-Poverty Programs
On July 24, House Budget Committee Chairman Paul Ryan (R-WI) released a discussion draft, Expanding Opportunity in America, proposing reforms to federal anti-poverty programs. One of the proposals is a pilot program called the Opportunity Grant. The pilot would begin in a limited number of states and would consolidate several federal means-tested programs, including Housing Choice Vouchers (vouchers), Section 8 project-based rental assistance, Pubic Housing, the Community Development Block Grant (CDBG), and Section 521 Rural Rental Assistance.
