FHA recently announced that barring congressional intervention, the loan limit on FHA backed loans will revert to pre-2008 amounts on loans approved after October 1, 2011. In 2008, Congress temporarily increased loan limits to 125% of the median house price in a response to the economic crisis and severe reduction in mortgage credit. Go to Resource
Category: National Legislation
Banks must now follow a new procedure when they receive a bank garnishment against an account holder who receives certain federal benefit payments by direct deposit. In the past, a bank would withhold all assets in a debtor’s account when served with a court ordered garnishment. If the homeowner received certain types ofGo to Resource
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 granted federal bank regulators the power to set mortgage lending standards. This past March, the bank regulators released draft guidelines for mortgages that will meet the new Qualified Residential Mortgage (QRM) standard. It is expected that mortgage loans meeting the QRM standardGo to Resource
Stakeholders in the community association industry nationwide have an important opportunity to share their concerns with the government about proposed new regulations which could limit how some HOAs use money they collect in transfer fees. DEADLINE FOR COMMENTS IS MONDAY, APRIL 11. The Federal Housing Finance Agency (FHFA) published a Notice of ProposedGo to Resource
Last Friday, David, H. Steven, Assistant Secretary for Housing – Federal Housing Commissioner, issued a Waiver which clears up some of the confusion related to leasing restrictions in condominium communities. In the past the local HOC offices across the country have been denying condominium association approvals because of a determination and that allGo to Resource