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Federal Reserve Expected to Pull Back on Major Stimulus

Originally published by Anneken Tappe on September 22, 2021 for CNN Business.

The Federal Reserve isn't ready to take its foot off the stimulus gas pedal just yet, but that soon might change.

If the economic recovery continues to progress as expected, the Fed "judges that a moderation in the pace of asset purchases may soon be warranted," according to the bank's policy update published Wednesday.
This raises the prospects of a November announcement that it will step on the brakes. But even if such a move was delayed until December or January, it wouldn't matter much to markets, which have already priced in a policy change, said Seema Shah, chief strategist at Principal Global Investors, in emailed comments.
    The Fed could also lift interest rates as early as next year, according to updated projections, as opposed to waiting until 2023 as previous forecasts called for.
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    Members Connect with Legislators in Raleigh

    This past July, Chapter members Mike Moody, MAI, Mike Elwell, MAI, SRA, R/W-AC, John C. Palmer, MAI, CCIM, and Greyson S. Morgan, MAI had a very successful visit to the state capitol where they met with Representative Jon Hardister, House Majority Whip; Representative John Bell, House Majority Leader; Representative Terry Brown; and Representative Brian Turner to discuss current and upcoming legislation topics that impact the North Carolina appraisal industry.

     

    FHFA Extends Length of Time Investors Prevented from Buying Foreclosed Homes

    Originally published on September 1, 2021, by Adam Russell for FFHA. 

    Washington, D.C. – Today, through the First Look Program, the Federal Housing Finance Agency (FHFA) extended from 20 to 30 days, the period during which owner-occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac (the Enterprises) real estate owned (REO) properties before they are available for investor purchase. Launched in 2009, the First Look Program promotes owner occupancy and neighborhood stabilization. Providing individuals, families, and nonprofits with a longer amount of time to find adequate financing should help keep owner-occupants living in these homes.

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    White House Seeks Immediate Increase in Affordable Housing

    Originally published on September 1, 2021, by the White House. 

    Since President Biden took office, the economy has created more than 4 million jobs, with an average of more than 830,000 new jobs over the last three months. In the first half of the year, the economy grew at the fastest rate seen in nearly 40 years.

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    Economy Still Needs Support, Progress Still a Ways Off: Fed

    Originally published on July 14, 2021, for BloombergNews.

    Federal Reserve Chair Jerome Powell said it was still too soon to scale back the central bank’s aggressive support for the U.S. economy, while acknowledging that inflation has risen faster than expected.

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    CFPB Issued $124M in Remediation over Mortgage Servicing

    Originally published on July 6, 2021, for the Mortgage Bankers Association.

    The Consumer Financial Protection Bureau this week issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more than $124 million in consumer remediation and civil money penalties.

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    FHFA Announces New and Expanded Statistical Products From the National Mortgage Database

    Originally published on June 30, 2021, for the Federal Housing Finance Agency.

    ​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released a set of new and expanded statistical products from the National Mortgage Database (NMDB®). FHFA expanded the national statistics for new residential mortgage originations to include monthly, quarterly, and annual series for home purchase and refinance mortgages in all major market segments. FHFA also added a new series of national and state-level statistics for outstanding residential mortgages and an expanded series of national mortgage performance statistics for different market segments.

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    Supreme Court: Mortgage overseer structure unconstitutional

    Originally published on June 23, 2021, by Jessica Gresko for APNews.com.

    WASHINGTON (AP) — The Supreme Court on Wednesday gave the president greater power to fire the head of the agency that oversees mortgage giants Fannie Mae and Freddie Mac, ruling that the agency’s structure violates the separation of powers principles in the Constitution.

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    Supreme Court: Mortgage overseer structure unconstitutional

    Originally published on June 23, 2021, by Jessica Gresko for APNews.com.

    WASHINGTON (AP) — The Supreme Court on Wednesday gave the president greater power to fire the head of the agency that oversees mortgage giants Fannie Mae and Freddie Mac, ruling that the agency’s structure violates the separation of powers principles in the Constitution.

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    AI Sends to 45-Day Notice Proposed Amendments to Bylaws and Regulation Nos. 1-4

    Originally published on June 30, 2021, for the Appraisal Institute. 

    The Appraisal Institute Board of Directors on June 28 sent to 45-Day notice proposed amendments to Bylaws and Regulation Nos. 1-4 concerning Audit Committee Powers and Duties, the Candidate for Designation Program and Life Status and Designated Member Readmission.

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    FHFA Extends Multifamily COVID-19 Forbearance to Owners Offering Tenant Protection

    Originally published on June 3, 2021, for the Federal Housing Finance Agency (FHFA).

    Washington, D.C. — Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30, 2021.

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    Biden Administration Looks at Appraisals as Part of Effort to Reduce Wealth Gap

    Originally published on June 1, 2021, by the White House.

    One hundred years ago, the thriving Black community of Greenwood in Tulsa, Oklahoma, known as “Black Wall Street,” was ruthlessly attacked by a violent white supremacist mob. An estimated 300 Black Americans were killed and another 10,000 were left destitute and homeless.

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    Economy to Improve this Summer as Inflation Rises, Home Sales are Constrained: Fannie Mae

    Originally published on May 19, 2021. by Fannie Mae.

    Lack of Listings and Increasing Supply Constraints Continue to Limit Existing and New Home Sales

    WASHINGTON, DC – Expectations for full-year 2021 economic growth were revised upward in May to 7.0 percent, a modest improvement from last month’s projection of 6.8 percent, attributable primarily to stronger-than-expected first-quarter real GDP growth and an improved near-term outlook for consumer spending, according to the May 2021 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) GroupThe additional strength in consumer spending was previously projected to occur later in 2021 or early 2022, but recent incoming data increasingly points to eagerness on the part of consumers amid continued progress mobilizing COVID-19 vaccinations and waning virus-related restrictions. With stronger growth expected in the current year, the ESR Group slightly downgraded its expectations for 2022 real GDP growth by 0.2 percentage points to 2.8 percent. Despite expectations that the economy will continue to grow over the forecast horizon, downside risks to the forecast are increasing and include supply chain disruptions, labor scarcity, and rising inflationary pressure.

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    Biden Seeks $318 Billion for Housing in Infrastructure Plan

    Originally published on May 26, 2021, by Kriston Capps for Bloomberg CityLab.

    Housing Secretary Marcia L. Fudge is making a stop on Wednesday morning at 18th and Vine, the intersection at the heart of Kansas City’s historic Jazz District. Backed by Missouri leaders, she’ll deliver remarks on a theme that she’s been repeating since her confirmation, in speeches, during testimony and over social media: “Housing is infrastructure.”

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    IRS Rejects Developer-led Attempts to Expand 8,700 Opportunity Zone Boundaries

    Originally published on May 17, 2021 by TheRealDeal.com. 

    Developers who had hoped for potential expansion of Opportunity Zones won’t be getting their way.

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    House Passes Legislation Addressing FHA Appraisals

    The House on May 18 passed HR 3008, the Homebuyer Assistance Act, legislation reintroduced by Reps. Brad Sherman, D-Calif., and Van Taylor, R-Texas, that would amend the National Housing Act and allow state-licensed appraisers to perform appraisals for mortgages insured by the Federal Housing Administration. The legislation would require compliance with existing appraiser education requirements.

    A previous version of the bill was introduced in the last Congress and passed the House, but did not receive a vote in the Senate. House Financial Services Committee Chairwoman Maxine Waters is working with Sherman and Taylor to help advance this version of the legislation.

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    FHFA Announces New Refinance Option for Low-Income Families with Enterprise-Backed Mortgages

    Originally published on April 28, 2021, by the Federal Housing Finance Agency.

    ​​​​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today Fannie Mae and Freddie Mac (the Enterprises) will implement a new refinance option for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month.  

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    CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

    Originally published on April 27, 2021, by the Consumer Financial Protection Bureau.

    WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.

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    FHFA Extends Appraisal Loan Flexibilities Due to COVID-19

    Originally published on April 21, 2021, by the Federal Housing Finance Agency.

    ​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021.

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    House Approves Real Estate Valuation Fairness Legislation

    Oriignally published on April 21, 2021, for the Appraisal Institute.

    The House Financial Services Committee on April 20 approved HR 2553, the Real Estate Valuation Fairness and Improvement Act, legislation that would establish an interagency task force to analyze federal collateral underwriting standards and guidance, and provide resources for promoting diversity within the valuation profession. The bill now moves to a full House vote, but no date has been set.

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