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Posted Date: Monday, January 22, 2024
A bill introduced by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.) aims to help promote the financial well-being of working families, in part by increasing the number of tax credits to facilitate affordable housing.
The bill, titled the Tax Relief for American Families and Workers Act of 2024, should also strengthen communities and Main Street businesses.
Read on for more details.
Posted Date: Thursday, January 18, 2024
In light of the suit filed against Navy Federal Credit Union, Sen. Sherrod Brown (D-Ohio), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and nine other senators penned a letter to the heads of the Department of Housing and Urban Development and the Consumer Financial Protection Bureau requesting the agencies look into the credit union’s home lending practices.
An investigative report by CNN released in the last few months of 2023 resulted in a class action discrimination suit against the credit union alleging its lending practices violated federal fair housing and fair lending laws.
Read on for more details.
Posted Date: Monday, December 18, 2023
Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) introduced a bill to the Senate that would restrict credit reporting agencies’ ability to sell consumers’ contact information when they apply for a residential mortgage, known as trigger leads.
After introduction to the Senate, the bill was referred to the Committee on Banking, Housing, and Urban Affairs.
Read on for industry reaction to the legislation.
Posted Date: Monday, July 24, 2023
U.S. Reps. Emanuel Cleaver (D-Mo.) and Lori Chavez-DeRemer (R-Ore.) reintroduced a bipartisan bill to help address the affordable housing crisis.
Specifically, the bill looks to streamline the process for private landlords to participate in the U.S. Department of Housing and Urban Development’s (HUD) Section 8 Housing Choice Voucher program. By removing bureaucratic red tape, the sponsors hope this will incentivize increased landlord participation by allowing higher numbers of vouchers to be used across more neighborhoods.
Read on for more details.
Posted Date: Thursday, July 13, 2023
Sen. Sherrod Brown (D-Ohio), along with seven other Democrat senators, introduced a bill to address the issue of corporate investors buying local homes and driving up the housing prices.
Titled the “Stop Predatory Investment Act,” it is intended to help allay some of the pressure the affordability crisis has placed on the housing market.
Read on for more details.
Posted Date: Monday, June 26, 2023
Before the 230-189 vote in favor of the Middle Class Borrower Protection Act, U.S. Rep. Patrick McHenry (R-N.C.) addressed the House of Representatives on why he supported the bill, stating it would repeal an upfront fee pricing structure he claimed punished borrowers with higher credit scores by increasing their costs on certain lending products.
The legislation, introduced by Rep. Warren Davidson (R-Ohio), calls for the reversal of changes made to the Federal Housing Finance Agency’s loan level pricing adjustment structure, which eliminated some fees for creditworthy borrowers by increasing fees on other products, like vacation or secondary homes.
Read on for more details.
Posted Date: Thursday, June 15, 2023
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified in front of the Senate Committee on Banking, Housing, and Urban Affairs in the agency’s semi-annual report to Congress.
While the session largely concerned “junk fees” and the bureau’s data breach, Chopra also shared information about what the CFPB is doing to combat zombie mortgages, redlining, and a possible recession.
Read on for more details.
Posted Date: Thursday, June 1, 2023
A bill titled the “Middle Class Borrower Protection Act of 2023,”introduced by Rep. Warren Davidson (D-Ohio), would cancel the changes made to the single-family pricing framework by the Federal Housing Finance Agency.
The updates to the framework and its impact on the guarantee fees of federally-insured mortgages have sparked in-depth debate on the subject.
Read on for more details.
Posted Date: Thursday, May 11, 2023
Washington state passed the Covenants Homeownership Act, a law designed to address the harms caused by racially restrictive covenants prevalent in deeds during the early- and mid-20th century.
The statute compensates victims of housing exclusion and their descendants by providing mortgage assistance and the opportunity for homeownership long denied.
Read on for more details.
Posted Date: Thursday, April 20, 2023
U.S. Department of Housing and Urban Development Secretary Marcia Fudge testified before the House Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development and related agencies about the proposed 2024 budget for the agency.
From details from her statement, read on.