Community Choice in Real Estate Act

QUESTION 17. (CONTINUED FROM PAGE 2): Federal Reserve Board, Office of Comptroller of the Currency, Govt. Accountability Office, SEC, IRS, FDIC, National Credit Union Administration, Small Business Administration Financial Services for the Military, H.R. 485; Credit Union Conversion, H.R. 3206; Universal Default, H.R. 3492; USA PATRIOT Act, H.R. 3199, S. 1389; Overdraft Protection, H.R. 3449; IRA Accounts, H.R. 3574; State College Tuition Programs, H.R. 3585; Interchange Fees, H.R. 393; Pension Funding, H.R. 2830, S. 1783; Home Equity Conversion Mortgages, S. 1710, H.R. 2892. Deposit Insurance Reform, S. 1932; Regulatory Burden Relief, H.R. 3505, S. 2856; Risk-Based Capital Guidelines (Basel I-A and II); Deposit Insurance for industrial loan companies, H.R. 5746; Concentrations in Commercial Real Estate; Deposit Insurance Reform Act Implementing Regulations; Security Data Protection, Breach Notification & Security Freeze Bills, H.R. 3997, H.R. 4127, H.R. 5318, S. 3568; Regulations Implementing the Fair and Accurate Credit Transactions Act (FACT Act); Sarbanes-Oxley Act Implementation; Regulations Implementating the Junk Fax Protection Act; Dual Regulation of Insurance, S. 2509, H.R. 6225; CRA Regulations; Public Company Accounting Oversight Board Rules; Bank Secrecy Act Rules; Rules Regarding Money Services Businesses; Predatory Lending Regulations & Legislation, H.R.1295; Tax Legislation, H.R. 4297, H.R. 6111; Currency Transaction Report Legislation, H.R. 5341; National Flood Insurance Program Reform, H.R. 4973; FHA Legislation, H.R. 3043, H.R. 5121; Internet Gambling Legislation, H.R. 4411, H.R. 4777, H.R. 4954; Real Estate Brokerage Regulations & Legislation; OCC Preemption; USA PATRIOT Act Implementation & Legislation; OTS Preemption; Estate Tax Reform, H.R. 8, H.R. 5638; SBA Appropriations, H.R. 5672; Uniform State Tax Legislation, H.R. 1956; Terrorism Risk Insurance Legislation, Postal Service Reform Legislation, H.R. 6407; Export-Import Bank legislation, S. 3938; Bankruptcy bill, S. 4044; Financial Netting legislation, H.R. 5585; Dept. of Defense Authorization, H.R. 5122; Safe Ports Act, H.R. 4954; Credit Rating Agency bill, S. 3850. Regulation: Regulations implementing the Gramm-Leach-Bliley Act; Regulations on mortgage lending; Regulations on Overdraft Protection Programs; Regulations implementing the Truth-in-Savings Act, Reg DD; Regulations on the "Do Not Call" Registry; Regulation B of the SEC; Regulations on Privacy; Regulations on Available for Sale securities and securities that are other than temporarily impaired; Regulations on FDIC Preemption of State Laws. Regulations under the Truth-in-Lending A ct, Reg. Z; Capital Adequacy Regulations; SBA Regulations; Reports of Income and Condition; Regulations under the Sarbanes-Oxley Act; Regulation R of the Federal Reserve & SEC; Regulation on large depositors; EFT Regulation E; Regulation implementing the Regulatory Burden Relief Act; Federal Home Loan Bank Regulations. Legislation: Real Estate Brokerage and Management, S. 98, H.R. 111, Interest on Business Checking Accounts, H.R. 1224, S. 1586; GSE Regulations, S. 190, H.R. 1461; Credit Unions, H.R. 2317, H.R. 749; Fair Debt Collections Practices Amendments, H.R.1025;

Client expense: $80,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Office of Thrift Supervision (OTS), SENATE, Treasury, Dept of

(3) HR 29, HR 84 HR 744, S. 1608, S. 687: Spyware - General issues/definitions on using unauthorized computer access and consent. (4) No bill number: Electronic Payment Network strategy discussion. General issues related to electronic payments and interchange with banking institutions. (5) No Bill Number: Student Lending (6) No Bill Number: National Standards/OCC Preemption (7) No Bill Number: Gramm-Leach-Bliley Oversight (8) No Bill Number: Issues Related to Industrial Loan Companies (9) Issues related to bank real estate powers: H.R. 2660, H.R. 111, S. 98 (10) Bank Regulatory Relief legislation: H.R. 3505, S.2856 (11) Industrial Loan Companies – prevent commercially-owned ILC’s from engaging in retail banking activities: H.R. 3505 (regulatory relief bill) (12) Regulatory Relief Bill: HR3505 (13) No Bill Number: Interchange (1) HR 1185: Deposit Insurance Reform. (2) HR 1069, HR 1078, HR 815, HR 3140, HR 3374, HR 3375, HR 3997, HR 4127, S 115, S 751, S 768, S 1216, S 1326, S 1332, S 1408 and S 1594; Data Security Breach; General issues covering data breach, use of social security numbers, and file freezing.

Client expense: $1,020,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 111 - NAR bill to prohibit naitonal banks from providing real estate brokerage and property management services S 98 - Senate version of NAR backed bill to prohibit national banks from providing real estate brokerage and property managment services

Client expense: $35,878 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Office of the Comptroller of the Currency (OCC), SENATE

HR 5631 (P.L. 109-289) - Making Appropriations for the Department of Defense for the Fiscal Year Ending September 30, 2007 and for Other Purposes; Division B-Continuing Appropriations Resolution, 2007, Section 101(a)(1) The Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2007; all provisions related to funding and administration of affordable multifamily housing programs; Section 101(a)(10) The Transportation, Treasury, Housing and Urban Development, the Judiciary, the District of Columbia, and Independent Agencies Appropriations Act, 2007 (in the House of Representatives), or the Transportation, Treasury, Housing and Urban Development, the Judiciary, and Related Agencies Appropriations Act, 2007 (in the Senate) and the District of Columbia Appropriations Act, 2007 (in the Senate), all provisions related to funding and administration of affordable multifamily housing programs; Section 115 one-year renewals of RHS rental assistance contracts; Section 130, Mark-to-Market reauthorization. H J Res 100 (P.L. 109-369) - Making Further Continuing Appropriations for the Fiscal Year 2007, and for Other Purposes; all provisions related to funding and administration of HUD and USDA-RHS affordable multifamily housing programs. H J Res 102 (P.L. 109-383) - Making Further Continuing Appropriations for the Fiscal Year 2007, and for Other Purposes; all provisionall provisions related to funding and administration of HUD and USDA-RHS affordable multifamily housing programs. S 2611 - Comprehensive Immigration Reform Act of 2006: Title VI Work Authorization and Legalization of Undocumented Individuals, Subtitle A Access to Earned Adjustment and Mandatory Departure and Reentry, Section 601 Access to Earned Adjustment and Mandatory Departure and Reentry, (b) Adjustment of Status (1), basic Citizenship Skills requires deomonstration in proficiency in English; NAHMA requested an amendment specifying Limited English Proficiency (LEP) translation requirements to be satisfied by the U.S. Department of Housing and Urban Development upon release of HUD's final LEP guidance affecting affordable rental properties; such amendment would make HUD responsible for identifying a definitive list of "vital documents," producing standard translated versions of the documents, providing oral interpretation services directly to the LEP population, and other purposes. S. Amdt. 4064 - To amendment title 4 United States Code, to declare English as the national language of the United States and to promote the patriotic integration of prospective U.S. citizens; all provisions; offered as an amendment to S 2611 Comprehensive Immigration Reform Act of 2006. S. Amdt. 4073 - To declare that English is the common and unifying language of the United States, and to preserve and enhance the role of the the English language; all provisions; offered as an amendment to S 2611- Comprehensive Immigration Reform Act of 2006. Urged urgent relief from escalating energy costs in federally assisted properties through a new Recognized Cost Increase (RIC) proposal, a rent increase, special one-time appropriation, or other means, & provide utility relief in Low Income Housing Tax Credit properties by removing the utility allowance from the Low Income Housing Tax Credit gross rent formula, or other means. Urged congressional oversight to ensure timely housing assistance payments from HUD to property owners. USDA Interim Final Rule, RIN 0575-AC13: Reinvention of the Sections 514, 515, 516, and 521 Multi-Family Housing Programs; all provisions. HR 5384 - Making Appropriations for Agriculture, Rural Development, Food and Drug Administration and Related Agencies for the Fiscal Year Ending September 30, 2007 and for Other Purposes: Title III, Rual Development Programs, Rural Housing Service; all provisions related to funding and administration of affordable multifamily housing programs. HR 5776 - Making Appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and Independent Agencies for the Fiscal Year Ending September 30, 2007 and for Other Purposes: Title III, Department of Housing and Urban Development; all provisions related to funding and administration of affordable multifamily housing programs. HR 3895 - Rural Housing Hurricane Relief Act; all provisions. HR 3896 - Hurricane Katrina Emergency Relief CDBG Flexiblity Act; all provisons. HR 5393 - Natural Disaster Housing Reform Act of 2006; all provisions. HR 4440 - Gulf Opportunity Zone Act of 2005; Title I Establishment of Gulf Opportunity Zone, Section 101 Tax Benefits for Gulf Opportunity Zone, all provisions related to private activity bonds and the Low Income Housing Tax Credit. S 1765 - Hurricane Katrina Disaster Relief and Economic Recovery Act; Title I Emergency Supplemental Appropriations, Subtitle G Department of Housing and Urban Development & Subtitle M Department of Agriculture Rural Housing Service; Title III Individual Citizens Relief and Recovery, Subtitle A Housing Relief. S 1766 - Louisiana Katrina Reconstruction Act; Title I Emergency Supplemental Appropriations, Subtitle G Department of Housing and Urban Development; Subtitle M Department of Agriculture Rural Housing Service; Title III Individual Citizens Relief and Recovery, Subtitle A Housing Relief. S 557 and HR 136 - To provide that Executive Order 13166 Shall Have No Force or Effect, to Prohibit the Use of Funds for Certain Purposes, and for Other Purposes; all provisions. Executive Order 13166 - Improving Access to Services for Persons with Limited English Proficiency; all, with particular emphasis on implementation related to affordable rental housing. U.S. Department of Housing and Urban Development Notice of Guidance to Federal Assistance Recipients Regarding Title VI Prohibition Against National Origin Discrimination Affecting Limited English Proficient Persons (Docket No. FR-4878-N-01); all provisions. S 2454 - Securing America's Borders Act: Title VI Miscellaneous, requested an amendment specifiying Limited English Proficiency (LEP) translation requirments to be satisfied by the U.S. Department of Housing and Urban Development upon release of HUD's final LEP guidance affecting affordable rental properties; such amendment would make HUD responsible for identifying a definitive list of "vital documents," producing standard translated versions of the documents, providing oral interpretation services directly to the LEP population, and other purposes. HR 5117 (P.L. 109-249) and S 2591 - To Exempt Persons with Disabilities from the Prohibition Against Providing Section 8 Rental Assistance to College Students; all provisions. HR 3402 (P.L. 109-62) - The Department of Justice Appropriations Authorization Act, Fiscal Years 2006 through 2009; Title VI Housing Opportunites and Safety for Battered Women and Children. S 190- Federal Housing Enterprise Reform Act of 2005; all provisions. HR 1461- Federal Housing Finance Reform Act of 2005; all provisions. S 98 and HR 111 - Community Choice in Real Estate Act of 2005; all provisions. HR 2660 - Fair Choice and Competition in Real Estate Act of 2005; all provisions. S 771 and HR 1999 - State and Local Housing Flexibility Act of 2005; all provisions. HR 5443- Section 8 Voucher Reform Act of 2006; all provisions. HR 5503 - The FHA Multifamily Loan Limit Adjustment Act of 2006; all provisions. HR 5527 and S 3511 - Mark to Market Extension Act of 2006; all provisions. HR 6115 - Mark-to-Market Extension Act of 2006; all provisions. HR 5347 - HOPE VI Reauthorization Act of 2006; all provisions. HR 5039 - Saving America's Rural Housing Act of 2006; all provisions. HR 2636 - Housing Preservation Matching Grant Act of 2005; all provisions. S 705 and HR 3859 - Meeting the Housing and Service Needs of Seniors Act of 2005; all provisions. S 3941 - A Bill to Amend the Internal Revenue Code of 1986 to Fully Allow Students to Live in Units Eligible for the Low-Income Housing Credit, and for Other Purposes; all provisions. HR 3715 - Affordable Housing Preservation Tax Relief Act of 2005; all provisions. HR 3616 - Affordable Housing Preservation Act of 2006; all provisions. HR 4873 - To Amend the Internal Revenue Code of 1986 to Encourage Investment in Affordable Housing; all provisions. HR 2681 - Affordable Housing Tax Credit Enhacement Act of 2005; all provisions. HR 1468 and S 2366 - To Amend the Internal Revenue Code of 1986 to Replace the Recapture Bond Provisions of the Low Income Housing Tax Credit Program; all provisions. S 1330 and HR 3194 - Housing America's Workforce Act; all provisions. S 3721 - Post Katrina Emergency Management Reform Act of 2006; all provisions. HR 3894 - Hurricane Katrina Emergency Housing Act; all provisions. 2007 Budget Requests by the Administration; all provisions relating to the U.S. Department of Housing and Urban Development (HUD) and Rural Housing Service (RHS) funding and programs and Treasury proposals related to the Low Income Housing Tax Credit (continued)

Client expense: $115,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Federal Emergency Management Agency (FEMA), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), SENATE, Treasury, Dept of

H.R. 3882 Financial Safety and Equity Act of 2005 For H.R. 3505 Financial Services Regulatory Relief Act of 2005 For H.R. 3909 Hurricane Check Cashing Relief Act of 2005 For H.R. 3922 Retroactive Flood Insurance NP H.R. 3945 Hurricane Katrina Financial Services Relief Act of 2005 For H.R. 3997 Financial Data Protection Act of 2005 For H.R. 4100 Louisiana Recovery Corporation Act For H.R. 4127 Data Accountability and Trust Act NP H.R. 4133 National Flood Insurance Program Further Enhanced Borrowing Authority Act ’05 For H.R. 4146 Hurricanes Rita and Wilma Financial Services Relief Act of 2005 For H.R. 4320 National Flood Insurance Program Reform For H.R. 4411 Internet Gambling Prohibition and Enforcement Act (as introduced) NP H.R. 4411 Internet Gambling Prohibition and Enforcement Act (as passed) For H.R. 4777 Internet Gambling Prohibition Act NP H.R. 5122 Talent “Payday Lending” Amendment (to DoD Approps bill Against H.R. 5341 Seasoned Customer CTR Exemption Act of 2006 For H.R. 5405 COMPETE Act For H.R. 5746 Industrial Bank Holding Company Act of 2006 For H.R. 4973 Flood Insurance Reform and Modernization act of 2006 NP Bank broker regulations NP Consumer data security NP Regulatory Relief For Legislation to bar federal pre-emption by the OCC Against Risk-based capital requirements for banks NP Sarbanes-Oxley Act relief for community banks For Corporate governance requirements NP Relief from securities law requirements for small companies For Federal Home Loan Bank advances and collateral NP Federal Home Loan Bank System issues NP Separation of banking and commerce For Payments system issues NP Bank Secrecy Act and anti-money laundering issues NP Securities activities of banks NP Bringing ILC’s under the Bank Holding Company Act For Credit card/debit card interchange fees NP Deposit insurance reform implementation rules NP Commercial real estate lending guidelines, as proposed Against Federal Housing Finance Board retained earnings capital rule, as proposed Against ILC applications by commercial companies Against S. 190 Federal Housing Enterprise Regulatory Reform Act of 2005 (as introduced) For S. 190 Federal Housing Enterprise Regulatory Reform Act of 2005 (as passed by SBC) Against S. 500 Information Protection and Security Act NP S. 751 Notification of Risk to Personal Data Act NP S. 768 Comprehensive Identity Theft Prevention Act NP S. 1326 Notification of Risk to Personal Data Act NP S. 1332 Personal Data Privacy and Security Act of 2005 NP S. 1408 Identity Theft Protection Act NP S. 1461 Consumer Identity Protection and Security Act NP S. 1568 Communities First Act For S. 1765 Louisiana Katrina Reconstruction Act For S. 1766 Louisiana Katrina Reconstruction Act For S. 1932 Deficit Reduction Act for 2005 For S. 2856 Financial Services Regulatory Relief Act of 2006 For S. 3568 Data Security Act of 2006 For S. 3589 Flood Insurance Reform and Modernization Act of 2006 NP H.R. 111 Community Choice in Real Estate Act Against H.R 399 Rural Economic Investment Act of 2005 NP H.R. 461 Military Personnel Financial Services Protection Act NP H.R. 1080 Information Protection and Security Act NP H.R. 1099 Anti-phishing Act of 2005 NP H.R. 1182 Prohibit Predatory Lending Act NP H.R. 1263 Consumer Privacy Protection Act of 2005 NP H.R. 1295 Responsible Lending Act NP H.R. 1461 Federal Housing Enterprise Regulatory Reform Act of 2005 For H.R. 1745 Social Security Number Privacy and Identity Theft Prevention Act of 2005 NP H.R. 2061 Communities First Act For H.R. 2317 Credit Union Regulatory Improvements Act of 2005 Against H.R. 2660 Fair Choice and Competition in Real Estate Act of 2005 For H.R. 3206 Credit Union Charter Choice Act For S. 238 Rural Economic Investment Act of 2005 NP S. 29 Social Security Number Misuse Prevention Act NP S. 98 Community Choice in Real Estate Act Against S. 116 Privacy Act of 2005 NP

Client expense: $941,428 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Farm Credit Administration, Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

Data Breach/Security Regulatory Relief - S2856 Financial Services Regulatory Relief Act Real Estate Brokerage - S98 Community Choice in Real Estate Act

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 111/S. 98 - Community in Real Estate Act would prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities. H.R. 1182 - Prohibit Predatory Lending Act would amend the Truth in Lending Act to impose restrictions and limitations on high-cost mortgages, to revise the permissible fees and charges on certain loans made, to prohibit unfair or deceptive lending practices, and to provide for public education and counseling about predatory lenders. H.R. 1295- Responsible Lending Act would protect consumers against unfair and deceptive practices in connection with higher cost mortgage transactions, strengthen the civil remedies available to consumers under existing law, provide for certain uniform lending standards, improve housing counseling, better mortgage servicing, enhance appraisal standards and oversight, and establish licensing and minimum standards for mortgage brokers. H.R. 5746 - Industrial Bank Holding Company Act of 2006 would require an industrial bank holding company to register and file certain reports with the Federal Deposit Insurance Corporation (FDIC) within ninety days after becoming an industrial bank holding company, prohibit such holding company from being controlled by a commercial firm, and grandfathers certain institutions to exempt them from the requirements of this Act. Comment Letter on Industrial Loan Company Applications - Comment letter was sent to Federal Deposit Insurance Corporation (FDIC) concerning their consideration for the application filed by Wal-Mart Stores and Home Depot to become an industrial loan company (ILC). Comment Letter on Nontraditional or Exotic Loans - Comment letter was sent to the Office of the Comptroller of the Currency (OCC) concerning nontraditional loans and if stated income should be allowed for underwriting as well as whether future income should be considered. If future income is considered in underwriting, how should it be done and will it only be allowed as a positive or also as a negative. The OCC was requesting comments on nontraditional loans and if they are becoming a risk to the economy as they are becoming easier to obtain and being offered to borrowers with a higher probable risk.

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

Government targets: 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), Interior, Dept of (DOI), Internal Revenue Service (IRS), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of, Veterans Affairs, Dept of (VA)

S98 - COMMUNITY CHOICE IN REAL ESTATE ACT HR 111 - COMMUNITY CHOICE IN REAL ESTATE ACT HR 1185 FEDERAL DEPOSIT INSURANCE REFORM ACT OF 2005 HR 1224 BUSIENSS CHECKING FREEDOM ACT OF 2005 HR 1226 - UNITED STATES FINANCIAL POLICY COMMITTEE FOR FAIR CAPITAL STANDARDS ACT HR 2660 - FAIR CHOICE AND COMPENSATION IN REAL ESTATE ACT OF 2005 HR 3505 - FINANCIAL INSTITUTIONS REGULATORY RELIEF ACT S 1502 - PRESERVATION OF FEDERALISM IN BANKING ACT HR 3426 - PRESERVATION OF FEDERALISM IN BANKING ACT S 1586 - INTEREST ON BUSINESS CHECKING ACT OF 2005 S 1562 - SAFE AND FAIR DEPOSIT INSURANCE ACT OF 2005

Client expense: $883,400 · Firm income: Not reported

Government targets: Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Patent & Trademark Office (PTO), SENATE

S 98 - COMMUNTIY CHOICE IN REAL ESTATE ACT HR 111 - COMMUNITY CHOICE IN REAL ESTATE ACT HR 1185 - FEDERAL DEPOSIT INSURANCE REFORM ACT OF 2005 HR 1224 - BUSINESS CHECKING FREEDOM ACT OF 2005 HR 1226 - UNITED STATES FINANCIAL POLICY COMMITTEE FOR FAIR CAPITAL STANDARDS ACT HR 2660 - FAIR CHOICE AND COMPENSATION IN REAL ESTATE ACT OF 2005 HR 3505 - FINANCIAL INSTITUTIONS REGULATORY RELIEF ACT S 1502 - PRESERVATION OF FEDERALISM IN BANKING ACT HR 3426 - PRESERVATION OF FEDERALISM IN BANKING ACT

Client expense: $637,000 · Firm income: Not reported

Government targets: Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Patent & Trademark Office (PTO), SENATE

HR 111/ S 98 Community Choice in Real Estate Act, S 621 Depreciation for LEasehold Improvements

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 98/H.R. 111, The 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. 176, The FHA Single Family Loan Limit Adjustment Act, would raise the FHA loan limit to 100% of the conforming loan limit, which is currently $359,650. S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act, would reform bankruptcy laws to close the loophole that allows tenants to circumvent well-established state and local eviction laws, provide a 90-day stay from creditors for all commercial properties, offer protection for shopping-center owners and tenants by clarifying the rights of bankrupt retailers to honor the terms of their leases, and protect homeowner/condo association members by requiring owners in bankruptcy to pay their accrued fees. H.R. 378, The Homeowners' Emergency Mortgage Assistance Act, would restore home mortgage assistance through the FHA single-family mortgage insurance program. H.R. 1182/H.R. 1295, The Prohibit Predatory Lending Act and The Responsible Lending Act, are federal anti-predatory lending bills that would defined what loans are covered under the act, create counseling to educate consumers, and set civil liability penalties. H.R. 1461/S. 190, The Federal Housing Finance Reform Act and The Federal Housing Enterprise Regulatory Reform Act, addresses Government Sponsored Enterprise's (GSE)issues including; a new regulator, brightline, program approval, portfolio limitations, and conforming loan limits. H.R. 3043, Zero Downpayment Pilot Program Act, Amends the National Housing Act to authorize the Secretary of HUD to insure zero-downpayment mortgages for one-family residences FDIC Notice of Public Hearing on the Financial Services Roundtable petition for state-chartered banks to preempt a host state's laws. The petition asked "the FDIC to issue a rule that preempts the application of certain state laws to the interstate operations and activities of state banks." The OCC, FDIC, and Federal Reserve System's joint notice of proposed rulemaking on the Community Reinvestment Act (RIN 1557-AB98). The proposed rule would create a third category in which banks are classified by the size of their assets. 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 associaiton fees. Ginnie Mae's requirment that FHA insured mortgages that are prepaid still accumulate interest until the last day of the month that the prepayment is made. 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 Trasury 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. HUD's consideration of altering the Real Estate Settlement Procedures Act and its application. The creation of a Federal Housing Authority subprime 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. HUD's interim rule to enable the Secretary to insure five-year hybrid ARMS with interest rates adjustable up to two percentage points annually.

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, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of