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
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.
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.
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.
On January 10, the Consumer Financial Protection Bureau released its final rule increasing protections for consumers who take out high-cost mortgages.
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.
On July 22, NCSHA submitted comments to the Federal Reserve Board (the Fed) on its proposal to amend Regulation Z and establish an ability-to-pay standard for mortgages under the Truth in Lending Act (TILA).