Improving Homeownership Opportunities in High-Cost States Act

H.R. 111/S. 98-Community Choice in Real Estate Act would ensure that banks would not be allowed to engage in the selling or direct purchasing of property. H.R. 1357-Homeowners Emergency Assistance Act would restore home mortgage assistance through the FHA single-family mortgage insurance program. H.R. 1443-Access to Affordable Mortgages Act would change language in laws that allow for ARMs, so they state that ARMs are capped at 1% for terms of 3 years and under, as opposed to the current 5 years and under. S. 1928-Predatory Lending Consumer Protection is a federal anti-predatory lending bill containing case-by-case review of a borrower's ability to repay the loan and no assignment of liability. H.R. 2575-Secondary Mortgage Market Enterprises Regulatory Improvement Act would amend the Homeowners' Loan Act to rename the Office of Thrift Supervision as the Office of Housing Finance Supervision, giving this office direct authority over Fannie Mae and Freddie Mac to ensure they are financially safe and adequately capitalized. H.R. 2803-Housing Finance Regulatory Restructuring Act would establish the Office of Housing Finance Oversight in the Department of the Treasury to ensure the financial safety and soundness of Fannie Mae, Freddie Mac, and the Federal home loan banks. H.R. 284/S. 5958-Housing Bond Fairness Act would rescind the sunset date on Mortgage Revenue Bonds, create a new qualifying system, and makes housing credit apartment production viable in rural areas. H.R. 975-Bankruptcy Abuse Prevention and Consumer Protection Act would reform bankruptcy laws to force people with the ability to repay their debts to file under Chapter 13, where courts establish repayment plans, instead of Chapter 7, which erases debts. H.R. 3507-Improving Homeownership in High Cost Areas, this bill would increase the conforming loan limit for states with a Statistical Metropolitan Area above the regular conforming loan limit. H.R. 3755-Zero Downpayment Act, amends the National Housing Act to authorize the Secretary of HUD to insure zero-downpayment mortgages for one-family residences. H.R. 4110-FHA Single Family Loan Limit Adjustment Act, would amend the National Housing Act to increase Federal Housing Administration (FHA) single family mortgage limits. Federal Reserve's decision to implement the Basel II Accord. This Accord would update the original Basel Capital Accord from 1988. The U.S. Department of the Treasury is considering defining REALTORS as "Financial Institutions," in that it relates to the application of the anti-money laundering program of the USA PATRIOT Act. The Creation of a Federal Housing Authority sub-prime loan product for borrowers who would not meet traditional underwriting standards with respect to credit history; but meet the debt income, and repayment ability standards. The proposed HUD rule to expand its offerings of adjustable rate mortgage products on FHA insured mortgages. The rule would create ARM products, the interest rate for 3 year and 5 year ARMs cannot change by more than 1% for the life of the loan. For 7 year and 10 year ARMs, the maximums are 2% annually and 6% for the life of the loan. Fannie Mae's and Freddie Mac's rule change that would boost interest rates for fees on cash-out refinancing that involve loans of more than 70% of a home's value, which could stop homeowners from tapping their equity. HUD's proposed rule on the Real Estate Settlement Procedures Act and its application. The OCC rule stating it "occupies the field" for all laws regarding national banks (Published at 69 Fed. Reg. 1895 (2004)). Ginnie Mae requirement that FHA insured mortgages that are prepaid still accumulate interest until the last day of the month that the prepayment is made. HUD's final rule on FHA multifamily loan limits. HUD's proposal to require mortgagees of FHA-insured mortgages to collect as part of the monthly mortgage payment an escrow of the amounts necessary for the payment of condominium or homeowners association fees.

Client expense: $60,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of

H.R. 111/S. 98-Community Choice in Real Estate Act would ensure that banks would not be allowed to engage in the selling or direct purchasing of property. H.R. 1357-Homeowners Emergency Assistance Act would restore home mortgage assistance through the FHA single-family mortgage insurance program. H.R. 1443-Access to affordable Mortgages Act would change language in laws that allow for ARMs, so they state that ARMs are capped at 1% for terms of 3 years and under, as opposed to the current 5 years and under. S. 1928- Predatory Lending Consumer Protection is a federal anti-predatory lending bill containing case-by-case review of a borrower's ability to repay the loan and no assignment of liability. H.R. 2575-Secondary Mortgage Market Enterprises Regulatory Improvement Act would amend the Homeowners' Loan Act to rename the Office of Thrift Supervision as the Office of Housing Finance Supervision, giving this office direct authority over Fannie Mae and Freddie Mac to ensure they are financially safe and adequately capitalized. H.R. 2803-Housing Finance Regulatory Restructuring Act would establish the Office of Housing Finance Oversight in the Department of the Treasury to ensure the financial safety and soundness of Fannie Mae, Freddie Mac, and the Federal home loan banks. H.R. 284/S. 595-Housing Bond Fairness Act would rescind the sunset date on Mortgage Revenue Bonds, create a new qualifying system, and makes housing credit apartment production viable in rural areas. H.R. 975-Bankruptcy Abuse Prevention and Consumer Protection Act would reform bankruptcy laws to force people with the ability to repay their debts to file under Chapter 13, where courts establish repayment plans, instead of Chapter 7, which erases debts. H.R. 3507-Improving Homeownership in High Cost Areas, this bill would increase the conforming loan limit for states with a Statistical Metropolitan Area above the regular conforming loan limit. H.R. 3755-Zero Downpayment Act, amends the National Housing Act to authorize the Secretary of HUD to insure zero-downpayment mortgages for one-family residences. H.R. 4110-FHA Single Family Loan Limit Adjustment Act, would amend the National Housing Act to increase Federal Housing Administration (FHA) single family mortgage limits. Federal Reserve's decision to implement the Basel II Accord, the purpose of which is to reduce risk exposure to global economic cycles and level the playing field for large international banks. This Accord would update the original Basel Capital Accord from 1988. The U.S. Department of the Treasury is considering defining REALTORS as "Financial Institutions:, in that it related to the application of the anti-money laundering program of the USA PATRIOT Act. The Creation of a Federal Housing Authority sub-prime loan product for borrowers who would not meet traditional underwriting standards with respect to credit history; but meet the debt, income, and repayment ability standards. The proposed HUD rule to expand its offerings of adjustable rate mortgage products on FHA insured mortgages. The rule would create ARM products, the interest rate for 3 year and 5-year ARMs cannot change by more than 1% for the life of the loan. For 7-year and 10-year ARMs, the maximums are 2% annually and 6% for the life of the loan. Fannie Mae's and Freddie Mac's rule change that would boost interest rates or fees on cash-out refinancing that involve loans of more than 70% of a home's value, which could stop homeowners form tapping their equity. HUD's proposed rule on the Real Estate Settlement Procedures Act and its application. The OCC rule stating it "occupies the field" for all laws regarding national banks (Published at 69 Fed. Reg. 1895 (2004)). Ginnie Mae requirement that FHA insured mortgages that are prepayed still accumulate interest until the last day of the month that the prepayment is made. HUD's final rule on FHA multifamily loan limits.

Client expense: $60,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of

H.R. 1077 - Hope VI Program Revitalization Act of 2003-Amends the United States Housing Act of 1937 to extend and authorize appropriations for the HOPE VI revitalization program. Revises grant selection criteria. H.R. 1102 - National Affordable Housing Trust Fund Act would fund a new federal housing production program utilizing excess FHA and Ginnie Mae revenues to meet the goal of 1.5 million units of housing by 2010. H.R. 1276 / S. 811 - American Dream Downpayment Act would provide $200 million in Grants to help homebuyers with downpayment and closing costs, assisting 40,000 families annually achieve the dream of homeownership. S. 1508 - Federal Enterprise Regulation Reform would abolish Fannie Mae's and Freddie Mac's current safety-and-soundness regulator under HUD, and establish a new regulator under the U.S. Department of the Treasury. H.R. 1614 - -Hope VI Program Reauthorization and Small Community Mainstreet Rejuvenation and Housing Act of 2003-(Sec.2) Amends the United States Housing Act of 1937 to revise criteria for Hope VI grants, including addition of criteria regarding tenantdisplacement, existing tenant occupancy priority, and timelines of project completion. H.R. 1985 / S. 1714 - FHA Multi-Family Loan Limit Adjustment Act would increase affordable housing availability for low- and moderate-income families. The bill would allow HUD to increase multi-family mortgage loan limits for FHA insured properties. H.R. 3507 - Improving Homeownership in High Cost Areas, this bill would increase the conforming loan limit for states with a Statistical Metropolitan Area above the regular conforming loan limit. S. 602 - New Homestead Act would create financial incentives for individuals who choose to live in and help preserve small rural towns. The FY04 Budget Request that would convert Section 8 Housing Choice Voucher program to a state-run block grant called Housing Assistance for Needy Families.

Client expense: $60,000 · Firm income: Not reported

Government targets: Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of