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North Carolina Legislative Report

The General Assembly’s Short Session began Wednesday, May 14, 2014. The MVA Public Affairs Legislative Report on North Carolina will be distributed weekly to keep you up to date on the latest legislative issues facing the...more

Upcoming Bi-Partisan Policy Center Housing Summit shows that housing truly is “The Color Purple”

Did you catch the news clips of the House and Senate leadership holding hands and singing during the “Kumbaya” moment at the recent ceremony commemorating the anniversary of the Civil Rights Act of 1964? (Check it out on...more

Capital Thinking: Financial Services

LEGISLATIVE ACTIVITY - Senate to vote on TRIA reauthorization bill, Federal Reserve Membership - This week, the Senate is expected to consider a bill (S. 2244) that would reauthorize the Terrorism Risk Insurance...more

Pennsylvania Senate considers a bill to provide additional state funding for affordable housing

Recently, a bipartisan group of Pennsylvania State Senators sponsored a bill to expand the Pennsylvania Housing Affordability and Rehabilitation Enhancement Fund, commonly known as the State Housing Trust Fund. If passed,...more

Senate Confirms HUD Secretary

On July 9, the Senate voted 71-26 to confirm Julian Castro to serve as HUD Secretary. The former San Antonio, Texas mayor will replace Shaun Donovan...more

FPPC Revises Regulations Regarding Conflicts of Interest Involving Real Property

The Fair Political Practices Commission recently changed its conflict of interest regulation concerning real property owned or leased by public officials. The old rule was that if an official owned (or had a long-term lease...more

PA Budget - Minor Tax & Escheat Impacts

On June 30th, the Pennsylvania House and Senate adopted a budget for FY 2014-15 which requires no major tax increases. The Governor signed the budget and accompanying Fiscal Code bill on July 10th, after making several line...more

Julián Castro is confirmed as next HUD Secretary

With a resounding 71-26 vote, the Senate has confirmed Julián Castro as the 16th Secretary of Housing and Urban Development. President Obama’s nomination of Mr. Castro replaces outing Secretary Shaun Donovan, who was in turn...more

Legislative Update from NCSHA Conference

In previous Housing Plus blog posts we’ve discussed various tax credit proposals that have been released since the beginning of the year, which include the comprehensive tax reform proposal from House Ways and Means Committee...more

House Republicans adopt amendment to the HUD spending bill that would defund the Affirmatively Furthering Fair Housing Proposed...

Last week, House Republicans adopted an amendment to the FY 2015 HUD spending bill that prohibits funding to implement, enforce, or administer HUD’s Affirmatively Furthering Fair Housing Proposed Rule (Proposed...more

A perspective on the continuing saga of construction defects law

Ever since 2003, when comprehensive legislation was passed to address abuses in the pursuit by the plaintiff’s bar of windfalls from massively overstated litigation claims regarding alleged construction defects in the...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

House passes bill to modify TILA “points and fees” definition

H.R. 3211, which amends the Truth in Lending Act’s definition of “points and fees,” was passed by a voice vote in the House of Representatives on June 9, 2014. The “points and fees” definition is used to determine...more

Director Cordray testifies before Senate committee

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of...more

Senate Appropriations Subcommittee on Transportation Housing and Urban Development votes to increase Rental Assistance...

On June 3, 2014, the Senate Appropriations Subcommittee on Transportation Housing and Urban Development (T-HUD) unanimously approved its FY 2015 spending bill. The bill includes an increase to the Rental Assistance...more

President Obama Nominates New FHFA Inspector General, HUD Secretary

On May 22, President Obama announced the nomination of Laura Werthheimer, a securities lawyer in private practice, to serve as Inspector General for the FHFA. That position currently is being filled on an acting basis by...more

House Financial Services Committee Approves Several Mortgage Bills

On May 22, the House Financial Services Committee resumed activity on a series of bills—several of which are mortgage-related—that it considered earlier this month but for which it had postponed recorded votes. The committee...more

"Lien In": North Carolina General Assembly Revisits New Mechanics Lien Laws

Last April, we wrote about the significant changes to the North Carolina mechanics lien laws, which are continuing to create issues and opportunities for owners, contractors, subcontractors and title companies working in the...more

Senate Banking Committee Approves Housing Finance Reform Bill

On May 15, the Senate Banking Committee voted 13-9 to approve S. 1217, the Housing Finance Reform and Taxpayer Protection Act. A draft version of the bill, which generally would end the government’s conservatorship of Fannie...more

HUD To Insure Reverse Mortgages Protecting Non-Borrowing Spouses; Senators Seek Protections For Surviving Heirs

On April 25, HUD issued Mortgagee Letter 2014-07, which states that effective August 4, 2014, HUD will apply an alternative interpretation of Subsection 255(j) of the National Housing Act, which HUD has interpreted to limit...more

North Carolina Update: State Tax Developments - Spring 2014

This North Carolina update discusses significant legislative, judicial, and administrative developments in North Carolina tax laws during the period October 2013 through April 2014, including the outlook for the upcoming...more

From Second and State: Capitol Wrap

The House and Senate will reconvene on Monday, May 5, 2014. This will be the last session week until after the May 20 primary. Here’s what happened in Harrisburg this week: Waterfront Development - Senator...more

CFPB Releases Second Fair Lending Report

The CFPB released its second Fair Lending Report to Congress last week, summarizing the Bureau’s fair lending actions in the last year and a half. The Report highlighted the Bureau’s creation and implementation of a...more

Congressman Cummings Returns To Scrutiny Of Independent Foreclosure Reviews

On April 24, House Oversight Committee Ranking Member Elijah Cummings (D-MD) expressed renewed interest in the termination of the Independent Foreclosure Review (IFR). In a letter to Oversight Committee Chairman Darrell Issa...more

Nassau County’s Tax Assessment Dilemma: The High Court Invalidates Local Law

In Matter of Baldwin Union Free School District v. Nassau County, the New York Court of Appeals recently struck down a Nassau County (the “County”) law adopted to shift the obligation to pay real property tax refunds onto...more

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