Financial Services Committee Chair Introduces Draft Financial Regulatory Reform Bill
House Financial Services Committee Chair Jeb Hensalring (R-TX) recently released a discussion draft of comprehensive financial regulatory reform legislation he intends to introduce soon. The Committee has scheduled a hearing on this legislation, titled the CHOICE Act, for April 26 at 10:00 a.m. Eastern time. Hensarling introduced similar legislation last Congress. The discussion draft includes several provisions that may have affect rules governing HFA bond programs. Specifically, the bill requires the Securities and Exchange Commission (SEC) to consider several factors when proposing and finalizing new regulations, including an identification of the need for the regulation and the regulatory objective; an analysis of the adverse impacts regulated entities and other market participants could experience; and a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the regulation.MBA Offers Detailed GSE Reform Proposal
The Mortgage Bankers Association (MBA) released a white paper GSE Reform: Creating a Sustainable, More Vibrant, Secondary Mortgage Market which provides a detailed picture of a reformed and revitalized secondary mortgage market. It also attempts to shed light on two critical areas that have tested past reform efforts - the appropriate transition to the reformed system and the role of the secondary market in advancing an affordable housing strategy."This paper not only lays out a detailed end state solution that will work for the residential and multifamily markets, but also the transition steps to accomplish this goal," said Rodrigo Lopez CMB, Executive Chairman of NorthMarq Capital and Chairman of MBA. "We look forward to working with Congress and the Administration to find a permanent, sustainable solution to the government's role in housing finance that doesn't repeat the mistakes that led to the crisis."
Report: “CFPB Offers Much-Needed Protection”
The Trump administration entered the White House on a promise to examine and possibly eliminate many Obama-era initiatives, including the Consumer Financial Protection Bureau (CFPB). Trulia wanted to know a few things about the CFPB‒‒namely where consumers have asked the bureau for help in resolving mortgage disputes, who’s doing the asking, and what types of loans the CFPB deals with‒‒before the CFPB comes under more intense scrutiny or sees its mission changed. What Trulia found was that if the bureau is eliminated or even streamlined , it “could be a blow for thousands of mortgage borrowers who have used the CFPB’s dispute resolution to act as an intermediary in their cases," according to a report issued Wednesday. In its first five years, Trulia reported, CFPB has returned more than $11.8 billion from financial institutions on behalf of 29 million consumers.The Rewards of Green Financing
Fannie Mae’s multifamily chief explains how dedicating capital to measures that save energy and water pay off, especially in the affordable sector. Harvard University’s Joint Center for Housing Studies says utility costs represent some 15 percent of income for renters with incomes below $15,000, but just one percent for those with incomes of $75,000 or more.Green financing allows owners to cut operating expenses and extend the life of the property. Over 80 percent of the units we finance are affordable for working families, and greening those buildings can mean lower utility bills for tenants.
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