Legislative Issues

Browse articles from all of our Newsletters related to Legislative Issues.

April 20, 2018 - Inside FHA/VA Lending

House Bill Introduced to Ensure Compliance with Loss-Mit Rules

Legislation was introduced this week in the House Financial Services Committee that would strengthen oversight of FHA mortgage servicers to ensure their compliance with the agency’s loss-mitigation requirements. The FHA Foreclosure Prevention Act of 2018 (H.R. 5555) would require the Department of Housing and Urban Development to conduct servicer oversight, including sampling, compliance reviews, and direct information collection from borrowers whose files were sampled. “A decade after the devastating foreclosure crisis, we continue to see significant problems with the servicing of FHA loans that unnecessarily put homeowners at risk of foreclosure,” said Rep. Maxine Waters, D-CA, ranking member on the committee and sponsor of the bill. Waters said her bill would ensure that FHA servicers help families experiencing financial hardships avoid foreclosure so that they can ...

April 12, 2018 - Inside Mortgage Finance

Minimal Impact on Housing Market from Tax Reform, Based on Price Trends in Early 2018

Home-price increases continued uninterrupted in early 2018 despite predictions by some industry analysts that tax reform enacted in December could have a negative impact on the housing market. Analysts add that the full impact of tax reform has yet to play out, though early returns look promising.

March 30, 2018 - Inside The GSEs

Waiting on a Hensarling GSE Bill. Also: A ‘November Surprise’?

The GSE reform draft expected from Rep. Jeb Hensarling, R-TX, likely won’t see the light of day until sometime in mid-April, according to industry lobbyists and trade officials tracking its progress. Meanwhile, it’s safe to say some degree of apathy is setting in for the simple reason that even if a draft appears, few believe it will be bipartisan in nature, which means it will never become law, at least not in this Congress. “No one cares,” said one senior trade group official who spoke under the condition he not be identified.This official said his focus is now squarely on regulatory relief and reforming certain aspects of the...

March 23, 2018 - Inside FHA/VA Lending

USDA Continues Pilot Program That Uses Alternative Loan Limits

The U.S. Department of Agriculture’s Rural Housing Service has extended its two-tiered income limit pilot for the single-family housing programs as it works on a rulemaking change. Started in FY 2015, the pilot determines the area loan limits for USDA loans, using 80 percent of the FHA loan limits for forward single-family loans. Since FY 2003, RHS has set area loan limits using either one of two methods. The first method is based on the cost to construct a modest home as provided by a nationally recognized cost provider, plus the market value of an improved lot based on recent sales data. The second method uses loan limits by the state housing authority as long as the limits do not exceed 10 percent of the cost plus the market value of an improved lot. Regardless of the method used, the area loan limit may not exceed the FHA single-family mortgage limit. However, the FHA loan limits created a ...

March 23, 2018 - Inside FHA/VA Lending

Senate Banking Bill Imposes New Terms on VA Non-Cash-Out Refis

Legislation that would protect veterans from predatory lending that was passed by the Senate recently could have lasting impacts on the VA home-loan guaranty program, according to legal experts. S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, passed on March 14 by a vote of 67-31. Sixteen Democrats and one Independent joined all 50 Republicans in passing the bill. Primarily, the bill would loosen stringent rules in the 2010 Dodd-Frank Act designed to prevent the bad business practices that led to the 2008 financial crisis. A stand-alone bipartisan bill introduced by Sens. Thom Tillis, R-NC, and Elizabeth Warren, D-MA, in January was added to S. 2155 shortly before the Senate vote. The Tillis-Warren bill, Protecting Veterans from Predatory Lending Act of 2018, addresses the issue of serial refinancing, or loan churning, in which the victims are veterans. Churning refers to the ...

March 23, 2018 - Inside MBS & ABS

Rating Services Say Senate Bill Would Reduce Uncertainty Around PACE ABS

The regulatory relief bill recently passed by the Senate would reduce uncertainty for future ABS tied to Property Assessed Clean Energy financing programs, rating services said.

March 22, 2018 - Inside Mortgage Finance

House Regulatory Relief Goals Could Stall Bipartisan Package Approved by the Senate

The Senate bill to roll back various parts of the Dodd-Frank Act has been stalled in the House, where leading Republicans have asked for additional provisions that would further relax regulations.

March 15, 2018 - Inside Mortgage Finance

Senate’s Bipartisan Dodd-Frank Reform Bill Moves on to Uncertain Future in the House

The Senate this week passed a package of amendments to the Dodd-Frank Act by a vote of 67-31, moving the regulatory reform debate to the House, where Republicans have pushed through a large number of more aggressive changes.

March 16, 2018 - Inside MBS & ABS

SFIG Advises Senate to Ensure GSE Reform Plan Maintains Liquidity, Shrinks Government Footprint

The Structured Finance Industry Group wants to make sure any housing-finance reform bill ensures continued liquidity in the MBS market. The Wall Street group recently penned a letter to Sens. Bob Corker, R-TN, and Mark Warner, D-VA, to give feedback on a draft version of the Senate bill.

March 16, 2018 - Inside MBS & ABS

Industry Waits for Release of Rep. Hensarling GSE Reform Plan; But Some Give It a Big ‘So What’

The staff of Rep. Jeb Hensarling, R-TX, is putting the finishing touches on a plan to reform the nation’s housing-finance system, but several lobbyists and trade group officials question what impact the proposal will have.


What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.


I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.


Not bad, but he needs to take his time making additional changes.


We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!