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CAI > Issues & Advocacy > Mortgage Matters Program > Mortgage Matters Blog
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5/16/2012 2:56 PM
 CAI Leads Industry Letter to FHA on Transfer Fees (5/2012) On May 2nd, CAI urged the Federal Housing Administration (FHA) to avoid creating a second, conflicting national standard governing community association transfer fees.
In 2010, FHA established a policy that all transfer fees violate its program rules and guidelines. This decision, which was taken without any examination of long-standing legal principles or understanding of market impact, has not been uniformly enforced. Read more… 5/8/2012 3:43 PM
Mr. Dick Pruess, long-time CAI member and chair of California’s Legislative Action Committee, told federal lawmakers that association homeowners suffer when lenders delay foreclosures, allowing delinquent owners to remain in their properties.
The U.S. House of Representatives Financial Services Committee asked CAI to testify on a plan to sell real estate owned (REO) held by mortgage giants Fannie Mae and Freddie Mac to private investors. The federal agency that oversees Fannie Mae and Freddie Mac is testing a program that will sell large numbers of REO to investors who must agree to rent the properties for a minimum of three years. CAI was asked to share how bulk sales of Fannie Mae and Freddie Mac REO would impact community associations and homeowners. Read more... 4/12/2012 3:40 PM
The Federal Housing Administration (FHA) is likely to take action in the coming months that will affect community associations. FHA is preparing new policies for condominium project approvals and will soon release guidelines on the use of transfer fees by community associations. Read more... 4/6/2012 9:55 AMOn April 5, the Federal Reserve System issued guidance to banks intended to spur the temporary conversion of Real Estate Owned (REO) to rental property. Earlier this year, the Federal Reserve strongly encouraged the sale of REO to investors for use as rental properties. With this new guidance, the Federal Reserve is offering banks the option to keep ownership of REO properties while making the properties available for rent. The Federal Reserve’s REO rental guidance will impact CAI’s members in two general areas. Read more… 4/4/2012 11:04 AM
Many believe the answer to the national foreclosure crisis lies in bulk sales of foreclosed properties to investors for use as rental properties. Outspoken supporters of this approach include Federal Reserve Chairman Ben Bernanke and Mark Zandi, Chief Economist and founder of Moody’s Analytics. These efforts have culminated in the launch of a pilot program for bulk sales of Fannie Mae and Freddie Mac owned properties to investor syndicates. Read more... 4/4/2012 10:37 AM
CAI has submitted comments on a proposal by the Federal Housing Administration to limit seller contributions at FHA mortgage closings. In February, FHA proposed to limit the total dollar amount of seller contributions for FHA loans to a maximum of three percent of the loan amount. FHA also proposed to prohibit sellers from offering to pay any amount of association assessments for buyers. Read more… 3/19/2012 11:47 AM
On March 15, 2012, the Federal Housing Finance Agency (FHFA) issued its long awaited final rule on transfer fees. FHFA had proposed a federal regulation which would have banned federally backed mortgages for any property in a community association with a deed-based transfer fee in place. As originally drafted, the proposed rule would have cut off nearly all mortgage funding for the 11 million housing units, or forty-nine percent of all community association housing, that have existing deed-based transfer fees. Read more… 3/6/2012 2:14 PMPresident Obama has announced changes to the Federal Housing Administration’s streamline refinance program to help more borrowers take advantage of historically low mortgage interest rates. FHA’s streamline refinance program allows existing FHA borrowers to forgo strict loan underwriting requirements when refinancing to another FHA-insured mortgage. Read more… 2/28/2012 3:07 PM
On February 23rd, CAI wrote the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and the Iowa Attorney General, urging that mortgage servicers be required to pay association assessments on real estate owned (REO) and properties in foreclosure. On February 9th, the federal government and 49 states agreed to a nationwide settlement on foreclosure violations by mortgage servicing companies. Read more… 2/28/2012 1:58 PM
On February 27th, the Federal Housing Finance Agency announced the first proposed bulk sale of homes owned by Fannie Mae. The properties targeted for sale are located in communities that have seen very high rates of foreclosure over the past several years. Read more… 1
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