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CAI > Issues & Advocacy > Mortgage Matters Program > Mortgage Matters Blog
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5/6/2013 4:47 PMToday, Fannie Mae and Freddie Mac announced the companies will only purchase mortgages complying with the new Qualified Mortgage standard. This policy announcement means that beginning in 2014 Qualified Mortgages will be the only option for most Americans who want to purchase or refinance a home. Read more… 5/2/2013 4:25 PMOn Wednesday, April 24, the Federal Housing Administration (FHA) hosted a 90 minute webinar to address concerns and questions related to the FHA Condominium Approval Process. Regulators presented a Power Point to all attendees and answered questions at the conclusion of the presentation. The webinar was open to the general public. A copy of the presentation given by FHA was made available to CAI and can be viewed here. 4/4/2013 3:47 PMOn Wednesday, April 24, the Federal Housing Administration (FHA) is hosting a 90 minute webinar to address concerns and questions related to the FHA Condominium Approval Process. Members who are interested in learning more about FHA’s new mortgage qualification process are invited to participate in this event. Read more... 3/20/2013 10:42 AM
On March 13, Tom Skiba, CAI’s Chief Executive Officer, attended a fundraiser hosted by U.S. House Financial Services Committee Chairman Jeb Hensarling. During the private event, Skiba discussed housing finance reform, the stability of the Federal Housing Administration, the housing market recovery and community associations. Read more... 3/14/2013 10:36 AMOn March 11, during a Capitol Hill panel discussion hosted by the Coalition for Sensible Housing Policy, housing experts highlighted the need to synch the forthcoming Qualified Residential Mortgage (QRM) rule with the recently released Qualified Mortgage (QM) rule and warned of the unintended consequences of a narrow QRM definition. The panel agreed that harmonizing QRM and QM will ensure that safe and sound lending protections are put in place, but without locking lower-wealth families out of homeownership or unduly restricting the housing market from efficiently accessing private capital. Read more... 3/7/2013 4:37 PMOn March 4, CAI joined partners of the Coalition for Sensible Housing Policy in sending a letter to federal regulators and senior staff in the U.S. Department of Treasury and the Executive Office of the President. The letter urges regulators writing the new Qualified Residential Mortgage (QRM) rule to stay as close to the Bureau of Consumer Financial Protection’s (CFPB) Qualified Mortgage (QM) standard as possible. The letter also cautions against very high down payment requirements for potential homeowners. The CFPB earlier issued the final rule defining “ability to repay” and the QM standard under the Dodd-Frank Act on January 10. In addition to defining safe mortgage products and mortgage underwriting standards, QM marks the maximum breadth of the QRM exception of the risk-retention rule, a rule currently under consideration by federal agencies. The coalition’s letter to federal regulators can be read here. 2/18/2013 3:08 PMWith a new Congress sworn in and the pageantry of President Obama’s inauguration passed, CAI is moving aggressively in Washington, DC to make sure your voice is heard. The road ahead for CAI’s federal affairs agenda includes fairness in disaster recovery for community associations and preparing for the central role associations will play in new federal mortgage rules. Read more... 1/11/2013 7:57 AMOn January 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited federal Qualified Mortgage (QM) standard. The new federal guidelines, which are required by the Wall Street Reform and Consumer Protection Act (commonly known as the Dodd Frank Act), establish minimum requirements for all mortgage loans. Read more... 12/5/2012 2:29 PMCAI signed on to a coalition letter sent to congressional leaders urging them to oppose the use of guarantee fees generated by the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, to pay for the amendments to law proposed in H.R. 6429, the STEM Jobs Act of 2012. Diverting the income generated by these fees was a bad idea a year ago and it remains a bad idea today that should not be extended. The housing industry is aware that any increase in fees by Fannie Mae and Freddie Mac will likely be passed on to the consumer, increasing the cost of homeownership. Read more… 11/19/2012 2:05 PMA congressionally mandated independent audit of the Federal Housing Administration (FHA) projects that FHA lacks sufficient funds to cover expected losses in its Mutual Mortgage Insurance Fund (MMIF). The audit estimates that FHA has a capital deficit of $13.5 billion for its forward mortgage programs and a $2.8 billion capital deficit for its reverse mortgage program. The MMIF supports the bulk of FHA program activities for single family mortgage loans, including condominium unit mortgages. Read more... 1
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