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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

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

House Republicans Urge FHFA Not To Direct GSEs To Start Contributing To Affordable Housing Funds Established By HERA

On April 2, House Financial Services Committee Chairman Jeb Hensarling (R-TX), joined by Congressmen Scott Garrett (R-NJ) and Ed Royce (R-CA), urged FHFA Director Mel Watt to continue the FHFA’s five-year-old policy of...more

House Financial Services Ranking Member Unveils Housing Finance Reform Alternative

On March 27, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released draft legislation to reform the housing finance market. Congresswoman Waters also released a summary of the...more

FHFA’s Former Acting Director Announces Departure

On March 24, the FHFA announced that former Acting Director Ed Demarco will leave the agency at the end of April....more

President Signs Flood Insurance Bill

On March 21, President Obama signed the Homeowner Flood Insurance Affordability Act of 2013, which includes several provisions impacting previously enacted mandatory flood insurance purchase requirements. The bill, among...more

The Housing Finance Reform and Taxpayer Protection Act of 2014

This article provides a brief summary of the key provisions of a new bi-partisan Senate bill, based on the Housing Finance Reform and Taxpayer Protection Act of 2013, as well as a brief discussion of a new House of...more

Johnson and Crapo Release Housing Finance Reform Proposal

Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) recently released the highly anticipated text from their housing finance reform proposal. As expected, the 442-page proposal—officially...more

New Bill Poised to Revamp Fannie Mae, Freddie Mac

Following months of negotiations that involved collaboration between Republicans and Democrats, Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) announced Tuesday that the Senate Banking Committee had reached an agreement on...more

Senate Banking Committee Leaders Reach Agreement on Housing Finance Reform

Yesterday, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced that they have reached a broad agreement to overhaul the housing finance market and wind down Fannie Mae and...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

President Releases FY 2015 HUD Budget

President Obama's fiscal year 2015 budget for the U.S. Department of Housing and Urban Development (HUD), released on March 4, 2014, increases funding for many programs compared to the fiscal year 2014 appropriation. It also...more

Senate Democrats Press FHFA On Housing Trust Fund

On January 24, Senators Warren (D-MA), Reed (D-RI), Boxer (D-CA), and 29 other Senate Democrats sent a letter to FHFA Director Mel Watt asking that he lift the suspension on funding for the National Housing Trust Fund (NHTF)...more

Senate tax reform proposals: “chilling effect” on real estate industry

A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments submitted to the committee by a number of industry groups. If enacted in their...more

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