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Congress Passes FY 2014 Omnibus Appropriations Bill
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.
Appropriators Unveil Fiscal Year 2014 Omnibus Appropriations Bill
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.
MSRB Proposes Standards of Conduct for Municipal Bond Advisors
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.
Watt Delays G-Fee Increases for Fannie Mae and Freddie Mac Loans
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.
Watt Sworn In As FHFA Director
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
CFPB Releases Final Consolidated Mortgage Disclosure Rule
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.
Final SEC Municipal Advisor Rule Includes Broad Exemption for Public Officials and Board Members
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
Final CFPB Rule Exempts HFAS from Ability-to-Pay Requirements/QM Requirements
Earlier today, the Consumer Financial Protection Bureau (CFPB) released a final concurrent rule that exempts all loans made pursuant to HFA programs from the requirements of the bureau’s Ability-to-Repay/Qualified Mortgage (QM) rule.
Violence Against Women Act Includes Housing Provisions
Yesterday, President Obama signed into law the reauthorization of the Violence Against Women Act. Title VI of the Act includes a number of housing related provisions and expands the Act's applicability to affordable housing programs to include the Housing Credit.
Final CFPB Mortgage Servicing Rule Includes Exemption for HFAs
On January 17, the Consumer Financial Protection Bureau released a final rule that sets new standards for how mortgage servicers handle borrower accounts and provide consumers information about their loans.
CFPB Final High-Cost Mortgage Rule Includes Limited Exemption for HFAs
On January 10, the Consumer Financial Protection Bureau released its final rule increasing protections for consumers who take out high-cost mortgages.
CFPB Releases Final Ability-to-Repay Guidelines
On January 10, the Consumer Financial Protection Bureau (CFPB) announced the release of its final Ability-to-Repay rule, which outlines the steps lenders will be required to take to obtain and verify information to determine whether a consumer can afford to repay a mortgage.
