Zero Downpayment Act of 2004

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

HR 3755-ZERO DOWN PAYMENT ACT OF 2004 VA-HUD APPROPRIATIONS BILL -SPECIFIC INTEREST IN FUNDING FOR PATH PROGRAM -SPECIFIC INTEREST IN FUNDING FOR MANUFACTURED HOUSING PROGRAM -SPECIFIC INTEREST IN FUNDING FOR EPA ENERGY STAR PROGRAM ALLOCATIONS -SPECIFIC INTEREST IN HOME PROGRAM ALLOCATIONS IMPLEMENTATION OF PL 108-186-THE AMERICAN DREAM DOWNPAYMENT ACT IMPLEMENTATION OF PL 106-569-THE MANUFACTURED HOUSING IMPROVEMENT ACT

Client expense: $134,272 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Environmental Protection Agency (EPA), Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Intl Trade Administration (ITA), SENATE, U.S. Trade Representative (USTR)

S. 811/HR. 1276 - American Dream Down Payment Act Proposed RESPA Regulations HR. 1357 - Delinquencies/Forclosure Assistnace HR. 833 - Responsible Lending Act HR. 314 - Mortgage Servicing Clarification Act HR. 3755 - Zero Downpayment Act of 2004 HR. 1077 - HOPE VI Program Reauthorization Act of 2003 HR. 4110 - FHA Single Family Loan Limit Adjustment Act of 2004 HR. 1714 - Armed Forces Citizenship Act of 2003

Client expense: $482,687 · Firm income: Not reported

Government targets: Federal Communications Commission (FCC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), SENATE, Treasury, Dept of