The National Association of REALTORS® reports that late last week Congress acted on one of NAR's key legislative priorities, a 5-year reauthorization of the National Flood Insurance Program (NFIP). The 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business- and home owners who rely on it.
This has been a long, arduous battle. The NFIP suffered through 25+ short-term extensions; hobbling along for more than seven years without a long-term reauthorization. Because of the resolve of REALTORS® nationwide, we stayed the course to give lenders and homeowners more certainty in the mortgage and real estate marketplace with available flood insurance for existing homeowners and those buying and selling.
For more information, see the Flood Insurance update at http://www.realtor.org/articles/congress-reauthorizes-flood-insurance-for-5-years.
Tuesday, July 3, 2012
Update: State Legislative passes a flawed package of homeowner protections
The California Association of REALTORS® reported today that the California Legislature passed a Conference Report that was a key element of the Attorney General’s package of bills making up a so-called “Homeowners Bill of Rights.” The legislation is intended to codify the national negotiated settlement between the state’s Attorney General and major banks. C.A.R. has been opposing this well-intentioned legislation because it will encourage the filing of lawsuits intended for delay, and further discourage lending.
While C.A.R. is disappointed in the final outcome, the good news is that what has passed is a much improved version of the package of bills initially sponsored by the Attorney General, which would have originally halted ALL foreclosures, drying up both REO inventory and even short sales. During C.A.R.’s Legislative Day in Sacramento on May 2, REALTORS® successfully lobbied their legislators against these dangerous provisions and the Conference Committee ultimately didn’t include them in the Conference Report.
C.A.R. will continue to fight for the thoughtful, balanced reform of the foreclosure process. For example, C.A.R. is sponsoring AB 1745 (Torres) which prohibits “dual tracking” to prevent lenders from selling a property at a foreclosure sale if a short sale has already been approved. C.A.R. has also worked cooperatively with the Attorney General on several of the bills in her “bill of rights.”
While C.A.R. is disappointed in the final outcome, the good news is that what has passed is a much improved version of the package of bills initially sponsored by the Attorney General, which would have originally halted ALL foreclosures, drying up both REO inventory and even short sales. During C.A.R.’s Legislative Day in Sacramento on May 2, REALTORS® successfully lobbied their legislators against these dangerous provisions and the Conference Committee ultimately didn’t include them in the Conference Report.
C.A.R. will continue to fight for the thoughtful, balanced reform of the foreclosure process. For example, C.A.R. is sponsoring AB 1745 (Torres) which prohibits “dual tracking” to prevent lenders from selling a property at a foreclosure sale if a short sale has already been approved. C.A.R. has also worked cooperatively with the Attorney General on several of the bills in her “bill of rights.”
Subscribe to:
Posts (Atom)