Congress is unlikely to adopt sweeping reforms
to the mortgage finance system in 2015. The only substantive movement on
mortgage finance reform likely to occur will be the result of the Federal
Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and
Freddie Mac.
Key for CAI members, FHFA is spearheading a nationwide
initiative to repeal or overturn state association priority lien laws. Acting on
behalf of mortgage lenders, mortgage servicers, and title insurance companies,
FHFA is threatening to restrict mortgage credit for community association
homeowners in states with an association lien priority
statute.
CAI calls on the Administration
and Congress to ensure continuity of existing state association priority lien
laws and community association standards in a new mortgage finance system so
association homeowners have access to mortgage credit and continue to benefit
from national, evidence-based community association standards.
If you have questions about community associations and the
importance of state association priority lien laws, please contact CAI’s
Government and Public Affairs Team at (888) 224-4321 or
government@caionline.org.