(1) The FRB's 78,000 word proposed rule amending Regulation Z and the Truth in Lending Act (click here) has been published in the Federal Register January 9, 2008 for public comment.
A full copy of the 400 page final rule is available here.
(2) HUD's Proposed Rule modifying RESPA. Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs The proposed rule was published in the Federal Register on March 14, 2008. The public comment period on the proposed rule ended June 12, 2008. Over 5,000 comments were registered with HUD by June 12th. Review the entire proposed rule by clicking here.
IMMAAG subscribers click here for the summary.
(3) New York Attorney General – GSE Agreement
We are including a third key item in the regulatory area of the web site. You will also find this item in the Mortgage Industry area of the web site.
The third item is the agreement among the New York Attorney General, Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight. This agreement entitled HOME VALUE PROTECTION PROGRAM AND COOPERATION AGREEMENT takes effect on January 1, 2009. The Home Valuation Code of Conduct incorporated into this agreement has serious implications on appraisers, consumers, mortgage brokers and real estate professionals. It should not be disregarded. The full test of the agreement and the HVCC are available here.
IMMAAG commented on this agreement and sent an emergency alert to everyone in its data base in late April. If you have not communicated with Fannie Mae, Freddie Mac and OFHEO, please share your concerns even if the comment period is over.
You should also send a letter to your national delegate.
IMMAAG Subcribers may read the IMMAAG comment letter by clicking here.
The IMMAAG Summary of the agreement, including a summary of the Code of Conduct may be viewed by subscribers by clicking here.
Additional information will be added to the subscriber only area. Subscribers are encouraged to check the area and act with communications to your representatives.