Keep checking here for updates on state and national legislation as well as local issues, including area planning committee meeting schedules and many other activities.
January 22, 2008
Capitol Update
The Legislative Policy Committee (LPC) met for the first time since the session began on Friday, January 18th. With the help from your respective members and local Government Affairs Directors, CAR has reviewed over 20 bills and has taken a position on 4 of them. LPC bill list is available online, click here to view the Bill List. Look forward to a weekly update on Fridays with the Capitol Connection, this distribution is sent out to the entire membership.
September 12, 2007
Conventional
Residential Lending Report
NAR Joins MBA and NAHB in
Urging OFHEO to Increase Portfolio Caps for Fannie and Freddie
On August 13, 2007, NAR, the Mortgage Bankers Association (MBA), and the
National Association of Home Builders (NAHB) wrote to Jim Lockhart, the Director
of the Office of Federal Housing Enterprise Oversight (OFHEO), urging him to
temporarily increase the caps on the investment portfolios of Fannie Mae and
Freddie Mac (GSEs). NAR, MBA, and NAHB believe that increasing the cap will help
inject needed liquidity and stability into the mortgage market.
The letter recommends that the increase in the portfolio caps should be targeted
to assure that Fannie and Freddie use the increased capacity to help meet the
most urgent credit needs, including the non-government mortgage backed security
(MBS) market and mortgages for creditworthy families finding it difficult or
impossible to find a mortgage.
Director Lockhart is already on record against increasing the portfolio caps. In
his August 10, 2007, letter to Senator Schumer, he stated that in light of
“significant supervisory concerns” (an allusion to the GSEs’ accounting
problems) and current stability in the prime, conforming loan market, he did not
believe higher caps are appropriate or necessary. But he noted he would continue
to monitor the markets and the GSEs' safety and soundness and look for other
ways for the GSEs to support affordable housing.
May 25, 2007 - Midyear Legislative Meetings Reinforce REALTOR̉ Priorities on Capitol Hill
REALTOR̉ Results
In the days leading up to the Midyear Meetings and the days following, REALTORS̉ made significant strides in moving our 2007 agenda forward. Under the Creating Affordable Housing Opportunities area the House of Representatives has passed a long awaited reform of the Government Sponsored Entities (GSE) Fannie Mae and Freddie Mac. The Federal Housing Finance Reform Act, H.R. 1427, establishes stronger regulatory control over Freddie and Fannie, an affordable housing fund and increased loan limits in high-cost areas. REALTOR̉ members strongly encouraged the House of Representatives to act on H.R. 1427.
Two significant advances on the Protecting Consumers in the Real Estate Transaction section of our agenda occurred recently. The House of Representatives overwhelmingly passed the Industrial Bank Holding Company Act, H.R. 698, by a vote of 371 to 16 (44 members of Congress did not vote and one member voted “present”). For the first time in the extended debate about maintaining the long-standing policy of separating banking and commerce, the House of Representatives has passed a bill specifically designed to strengthen this fundamental tenet of the American economy. REALTORS̉ reminded Congress that the fight to keep national banking conglomerates out of the real estate brokerage and management business is, at the core of the issue, about keeping banking and commerce separate and urged Congress to pass the Community Choice in Real Estate Act, H.R. 111 and S. 413. Additionally, REALTORS̉ sought additional cosponsors for the Mortgage Cancellation Relief Act of 2007 H.R. 1876 and its companion in the Senate, S. 1394. This legislation is designed to eliminate the “Phantom” tax associated with mortgage forgiveness.
These success stories are made possible by the commitment of REALTORS̉ throughout the nation. We still have a lot to accomplish in this Congress and we also have to stand ready to defend against potential attacks on the favorable real estate policies currently in place. Working together NAR, our state and local association partners and members have a route toward continued success and the resources and resolve necessary to get there.
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