Federal Housing Finance Regulatory Reform Act of 2008

H.R. 3915 - Mortgage Reform and Anti-Predatory Lending Act of 2007 - Title I: Residential Mortgage Loan Origination - Subtitle A: Licensing System for Residential Mortgage Loan Originators - Encourages the states, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, to establish a Nationwide Mortgage Licensing System and Registry (NMLSR) for the residential mortgage industry. H.R. 2895 - National Affordable Housing Trust Fund Act of 2007 - Amends the Cranston-Gonzalez National Affordable Housing Act to establish in the Treasury the National Affordable Housing Trust Fund (Fund). Declares that: (1) the Fund shall consist of certain amounts of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation transferred to the Fund under specified law, including Federal Housing Administration (FHA) savings; and (2) all assistance provided from the Fund shall be considered to be federal financial assistance. H.R. 5818 - Neighborhood Stabilization Act of 2008 - Directs the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, metropolitan cities, and urban counties, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. H.R. 6521 - The Federal Housing Finance Regulatory Reform Act (FHA Housing Stabilization & Homeownership Retention Act) would permit FHA to provide [up to $300 billion] in new guarantees that would help to refinance at-risk borrowers into viable mortgages. When the borrower sells the home or refinances the loan, the borrower will pay from any profits the higher of (1) an ongoing exit fee equal to 3 percent of the original FHA loan balance; or (2) a declining percentage of any profits (e.g., from 100 percent in year one to 20 percent in year five and 0 thereafter). After year five only the 3 percent exit fee will apply. H.R. 6694 - The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 would revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages. S. 1299 - Borrower's Protection Act of 2007 - Amends the Truth in Lending Act to deem a mortgage broker, in the case of a home mortgage loan, to have a fiduciary relationship with the consumer. Subjects each such mortgage broker to all federal and state requirements for fiduciaries. S. 2338 - FHA Modernization Act of 2007 (Building American Homeownership Act of 2007) - Amends the National Housing Act to: (1) modify requirements for the maximum principal loan obligation, changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) limit the principal loan obligation to 100% of the appraised value of the property. Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Reduces such payment from the current 3% to 1.5% of the appraised value of the property. S. 2595 - The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 would require licensing for loan originators on a national level as well as state level. HUD RESPA Proposal - C.A.R. is opposing this specific RESPA Reform proposal because of concerns that it goes beyond the original scope of the proposal, the timing of the provisions, and targeted comments that seem to be directed at specific at volume discounts, average cost pricing, price tolerances, a new definition of "required use", and a new "closing script" which must be read aloud at closing. C.A.R. sent a comment letter to the California Congressional delegates concerning the need for an economic stimulus package that included: An extension of the GSE and FHA loan limits at their current 2008 levels, removing the payback requirement for the $7,500 first-time homebuyer tax credit and allowing buyers to utilize these funds at the time of home purchase at no additional cost, preserving the ability for creditworthy homebuyers to receive seller-funded downpayment assistance, and preventing unscrupulous foreclosure consultants from preying upon uninformed and vulnerable homeowners. Additionally, lenders participating in the Troubled Assets Relief Program (TARP) should be required to extend credit down to Main Street (making credit more available to consumers and small businesses), expedite the process for short sales, and expedite the resolution of banks real estate owned (REO) properties.

Client expense: $30,000 · Firm income: Not reported

Government targets: Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), SENATE, Treasury, Dept of

S 1624 - A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships and corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment advisers and related asset management services - all provisions Monitor developing tax policy Item 16 continued HR 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services - all provisions HR 6521 - The Federal Housing Finance Regulatory Reform Act of 2008 - provisions related to access to capital, urban workforce housing and Real Estate Investment Trusts HR 3321 - Housing and Economic Recovery Act of 208 - provisions relates to access to capital, urban workforce housing and Real Estate Investment Trusts HR 6725 - The Alternative Minimum Tax Relief Act of 2008 - provisions related to carried interests HR 1424 - The Emergency Economic Stabilization Act of 2008 - all provisions

Client expense: Not reported · Firm income: $50,000

Monitor taxable REIT issues S.2002/HR 1147 - REIT Investment Diversification and Empowerment Act of 2007--all provisions HR 6521 - The Federal Housing Finance Regulatory Refor Act of 2008 - provisions related to Real Estate Investment Trusts HR 3221 - Housing and Economic Recovery Act of 2008 - provisions related to Real Estate Investment Trusts Item 16 continued HR 1424 - The Emergency Economic Stabilization Act of 2008 - all provisions

Client expense: Not reported · Firm income: $30,000

Federal Housing Finance Regulatory Reform Act of 2008 (HR 6521) Credit Card Interchange Fees (HR 6248) Housing and Economic Recovery Act (HR 1982) Flood Insurance Bill (HR 3121) Emergency Economic Stabilization Act of 2008 (HR 3997) Troubled Asset Relief Program Credit Card Fair Fee Act of 2008 (HR 5546) Heroes Earnings Assistance and Relief Tax Act (HR 3997) Higher Education Amendments of 2007 (S 1642) Credit Cardholders' Bill of Rights (HR 5244) Consumer Overdraft Protection Fair Practices Act (HR 946) Ensuring Continued Access to Student Loans Act (HR 6889)

Client expense: $220,000 · Firm income: Not reported

S 1624 - A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships and corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment advisers and related asset management services - all provisions Monitor developing tax policy Item 16 continued HR 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services - all provisions HR 6521 - The Federal Housing Finance Regulatory Reform Act of 2008 - provisions related to access to capital, urban workforce housing and Real Estate Investment Trusts HR 3321 - Housing and Economic Recovery Act of 208 - provisions relates to access to capital, urban workforce housing and Real Estate Investment Trusts HR 6725 - The Alternative Minimum Tax Relief Act of 2008 - provisions related to carried interests HR 1424 - The Emergency Economic Stabilization Act of 2008 - all provisions

Client expense: Not reported · Firm income: $50,000

Monitor taxable REIT issues S.2002/HR 1147 - REIT Investment Diversification and Empowerment Act of 2007--all provisions HR 6521 - The Federal Housing Finance Regulatory Refor Act of 2008 - provisions related to Real Estate Investment Trusts HR 3221 - Housing and Economic Recovery Act of 2008 - provisions related to Real Estate Investment Trusts Item 16 continued HR 1424 - The Emergency Economic Stabilization Act of 2008 - all provisions

Client expense: Not reported · Firm income: $30,000

S 1624 - A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships and corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment advisers and related asset management services--see provisions Monitor developing tax policy Item 16 continued HR 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services--see provisions HR 6521 - The Federal Housing Finance Regulatory Reform Act of 2008--provisions related to access to capital, urban workforce housing and Real Estate Investment Trusts HR 3321 - Housing and Economic Recovery Act of 208 - provisions relates to capital, urban workforce housing and Real Estate Investment Trusts HR 6725 - The Alternative Minimum Tax Relief Act of 2008 - provisions related on carried interests

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Monitor taxable REIT issues S.202 REIT Investment Diversification and Empowerment Act of 2007--all provisions HR 6521 - The Federal Housing Finance Regulatory Refor Act of 2008 - provisions related to Real Estate Investment Trusts HR 3221 - Housing and Economic Recovery Act of 2008 - provisions related to Real Estate Investment Trusts

Client expense: Not reported · Firm income: $15,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Monitor taxable REIT issues S.202 REIT Investment Diversification and Empowerment Act of 2007--all provisions HR 6521 - The Federal Housing Finance Regulatory Refor Act of 2008 - provisions related to Real Estate Investment Trusts HR 3221 - Housing and Economic Recovery Act of 2008 - provisions related to Real Estate Investment Trusts

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

S 1624 - A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships and corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment advisers and related asset management services--see provisions Monitor developing tax policy Item 16 continued HR 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services--see provisions HR 6521 - The Federal Housing Finance Regulatory Reform Act of 2008--provisions related to access to capital, urban workforce housing and Real Estate Investment Trusts HR 3321 - Housing and Economic Recovery Act of 208 - provisions relates to capital, urban workforce housing and Real Estate Investment Trusts HR 6725 - The Alternative Minimum Tax Relief Act of 2008 - provisions related on carried interests

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S 1624 - A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships and corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment advisers and related asset management services - all provisions Monitor developing tax policy Item 16 continued HR 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services - all provisions HR 6521 - The Federal Housing Finance Regulatory Reform Act of 2008--provisions related to access to capital, urban workforce housing and Real Estate Investment Trusts HR 3321 - Housing and Economic Recovery Act of 208 - provisions relates to access to capital, urban workforce housing and Real Estate Investment Trusts HR 6725 - The Alternative Minimum Tax Relief Act of 2008 - provisions related to carried interests

Client expense: Not reported · Firm income: $50,000

Monitor taxable REIT issues S.2002/HR 1147 - REIT Investment Diversification and Empowerment Act of 2007--all provisions HR 6521 - The Federal Housing Finance Regulatory Refor Act of 2008 - provisions related to Real Estate Investment Trusts HR 3221 - Housing and Economic Recovery Act of 2008 - provisions related to Real Estate Investment Trusts

Client expense: Not reported · Firm income: $30,000

HR 3221 - American Housing Rescue and Foreclosure Prevention Act of 2008 HR 6521 - Federal Housing Regulation Reform Act

Client expense: $311,546 · Firm income: Not reported

Government targets: Education, Dept of, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE

H.R.6521, the Federal Housing Finance Regulatory Reform Act

Client expense: $130,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Education, Dept of, HOUSE OF REPRESENTATIVES, Health Resources & Services Administration (HRSA), Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), SENATE

H.R.6521, the Federal Housing Finance Regulatory Reform Act H. R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 H.R. 6076, the Home Retention and Economic Stabilization Act of 2008 H.R. 3221/S. 2636, the Foreclosure Prevention Act of 2008 S.2595, the Secure and Fair Enforcement SAFE Mortgage Licensing Act H.R. 5679, the Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 S. 2136, the Helping Families Save Their Homes in Bankruptcy Act S. 1789, Departments of Transportation and Housing and Urban Development Appropriations bill H.R.4051/S. 1923, the Housing Assistance Authorization Act of 2007 H.R. 5818, the Neighborhood Stabilization Act of 2008

Client expense: $130,000 · Firm income: Not reported