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In House, proposed spending bill lifts the RAD Cap

House and Senate leaders have come to an agreement on a spending bill that contains a major win for the U.S. Department of Housing and Urban Development: the expansion of the Rental Assistance Demonstration, allowing for the...more

RAD Expansion to 185,000 Units Likely: House Spending Bill Proffers Additional Authorization, Funding Changes

U.S. House and Senate leaders have come to an agreement on a spending bill that contains a major win for the U.S. Department of Housing and Urban Development (HUD): expansion of HUD’s Rental Assistance Demonstration (RAD)...more

Senate Confirms New HUD Deputy Secretary

On December 2, the U.S. Senate confirmed Nani Coloretti to be appointed as the new Deputy Secretary of HUD. Nominated in March, Coloretti currently serves as the Assistant Secretary for Management at the Department of...more

2014 Extenders Clear the House

For many years now, Congress has contributed to tax uncertainty by extending certain favorable tax provisions on a year by year basis. Thus, for example, in 2014 these extenders have expired. Neither the IRS, who has to...more

Senate holds nomination hearing for HUD Assistant Secretary

Last Thursday afternoon, the Senate Committee on Banking, Housing, and Urban Affairs conducted a nomination hearing to interview San Antonio Housing Authority CEO Lourdes Castro Ramírez for the position of HUD Assistant...more

A Challenge to the New Congress: Pass Housing Finance Reform

Over six years ago, when the federal government placed Fannie Mae and Freddie Mac into conservatorship, experts from public, private, and academic worlds concurred: housing finance in the United States was mortally flawed....more

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

Proposed new public housing demolition/disposition rule poses dangers for public housing appropriations and flexibility

Public housing needs all the help it can get. Its 1.1 million units of deeply affordable housing have been grossly underfunded by Congress for so many years that current studies indicate it would take over 30 billion dollars...more

Senate Democrats Issue Confirmations To Floor

On September 17, the Senate confirmed by a voice vote Laura Werthheiner as Inspector General of FHFA. In addition, Bradford Raymond Hunter was confirmed as the Chief Financial Officer of HUD....more

Cordray's House Testimony Signals Areas of CFPB Focus

On June 18, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fifth Semi-Annual Report. As in past hearings, Cordray and House Republicans clashed over...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

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

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

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

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

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