Mortgage Brokers Seek to Delay/Kill Loan Originator Compensation Rule.

Story is HERE.   

Does a letter signed by just two Senators from different parties REALLY meet the sniff test of being "bipartisan" ?

Originally created and posted on the Oregon Housing Blog.

Financial Reform Bill Goodie: Low Mod 25% Set Aside No Longer Requires Purchase of Abandoned or Foreclosed Homes.

This is likely one of many obscure provisions that will surface once folks look carefully at language in the Financial Services Reform Bill. 

(To see the sections I reference below, look at the bottom of PDF page 76 of the Mortgage Lending provisions in Title 14 that I recently posted HERE)

Section 1497 (b)(1)(A) of the Financial Services Reform Act appears to wipe out the current requirement that the low and moderate income 25% set aside be met ONLY through the "purchase and redevelopment of abandoned or foreclosed upon homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of area median income."

Instead the new provision [42 USC 5301(f)(3)(A)(ii)] will read simply:

“(ii) not less than 25 percent of the funds appropriated or otherwise made available under this section shall be used to house individuals or families whose incomes do not exceed 50 percent of area median income.

Further, Section 1497 (b)(1)(B) appears to allow the application of this new statutory provision to any unexpended or unobligated balances for both NSP 1 and 2.

My reading: For NSP 3, and unexpected or unobligated NSP1 and NSP2 balances, there will be NO requirement that to meet the 25% low mod set aside, the funding be used to purchase and rehab foreclosed or abandoned property. MY reading is that these funds therefore MIGHT be used for ANY purpose that helps to house families with incomes at or below 50% MFI ; I could see that this MIGHT open the door to a variety of ways of assisting low mod families, including perhaps rental assistance?

Originally created and posted on the Oregon Housing Blog.

Complete Financial Reform Bill, All 2,315 pages.

From House Rules Committee, full Conference Committee report on Financial Services Reform is HERE; I am considering starting a contest to see how many pages it will be reduced to when type size is reduced and single spaced. (My guess 882 pages).

Originally created and posted on the Oregon Housing Blog.

Mortgage Provisions From Housing Finance Reform Conference Committee Approved Version.

Title XIV (aka "14") provisions, all 206 double space pages, are HERE.

(There is a LOT to digest in this Title, so if anyone sees good section by section summaries of this Title in the Conference passed bill, please do let me know so I can share them). 

Other titles from the conference bill are also being posted on House Financial Services web page HERE.

Originally created and posted on the Oregon Housing Blog.