For additional information on any legislative issues, please contact Peter Stoller, RCE, GRAR Director of Communications &
Government Affairs, via e-mail or at 585-341-2131.
Homebuyer Tax Credit (June
30, 2010)
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance & Improvement Act (H.R. 5623).
The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new
closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and when the President signed the bill into law on July 2nd.
Fannie Mae & Freddie Mac
Release New HAFA Guidelines (June 16, 2010)
On June 1, 2010, Fannie Mae and Freddie Mac each released guidelines for implementing the Treasury Department's Home Affordable Foreclosure Alternatives Program (HAFA). These new guidelines
apply instead of the HAFA guidelines for non-GSE mortgages. Servicers are required to implement these policies no later than August 1, 2010. While largely consistent with the HAFA
guidelines for non-GSE mortgages, Fannie and Freddie have each made some important differences. Click here for details and links
to more information.
Mandatory Carbon Monoxide Detector Law
(Feb. 22, 2010)
Effective February 22, 2010, this law requires you to have a carbon monoxide detector within each dwelling unit or sleeping unit
where a carbon monoxide source is located or garage is attached, regardless of the year built and regardless of whether or not the dwelling is up for sale. “Amanda’s Law” is an expansion of the
2002 law signed by then-Governor Pataki that required carbon monoxide detectors to be installed at the point of sale for existing or new construction dwellings; now ALL residential dwellings must
have them similar to the smoke detector law. Click
here for a one-page summary breif on this new law.
New Short Sales Program
(Feb. 9, 2010)
NAR has issued a brochure to help members understand the new Home Affordable Foreclosure Avoidance Program (HAFA) that takes effect on or before April 5, 2010. The
purpose of the program is to help homeowners, who are unable to retain their homes under the Home Affordable Modification Program (HAMP), avoid foreclosure through a short sale or a deed in lieu of
foreclosure. HAFA includes uniform procedures, standards forms and deadlines. This program has the potential to revolutionize short sales, but its success will depend on the implementation by
servicers and cooperation by investors and subordinate lien holders. Fannie Mae and Freddie Mac are tweaking the rules for their own programs.
FHA Regulatory Changes (Jan. 25, 2010)
On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives: 1) financial soundness of the FHA insurance fund –
ensuring that its capital ratio returns above 2 percent, 2) fulfilling its mission of serving borrowers not adequately served by the private sector and 3) facilitating the recovery of the housing
industry and the over-all economy. Click here for a brief description of the changes and a table with the expected timeline of the announced changes.
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