2011 Bills We’re Watching

H 363: Forced Refinance Provisions For Fannie/Freddie Status: Introduced 1/20/11 The formal name of the bill is ‘Housing Opportunity and Mortgage Equity Act of 2011”. The bill would require Fannie/Freddie to create a     program for qualified mortgages where an appraisal is not required. The servicing fee will be restricted to a maximum of $1,000. H 330:  First Time Homebuyer Tax Credit Extension Status: Introduced 1/19/11 This bill proposes to extend First Time Homebuyer tax credit for one year. H 214: Creation Of Office Of Regulatory Analysis Status: Introduced 1/7/11 The director would be appointed by the house and senate leaders. The bill sets some detailed framework that requires each regulation to have a sunset date thereby requiring that regulations are reviewed for relevance periodically to avoid a sunset. H 284: Appropriations For Nationwide Testing Status: Introduced 1/12/11 This bill will appropriate funds to authorize nationwide fair lending testing to prevent housing discrimination H 287z: VA Loan Program Enhancements Status: Introduced 1/12/11 The bill seeks to provide housing assistance to very low income veterans through HUD. Funding proposals include planning grants, capital advances and project rental assistance. H 87: Repeal Dodd Frank Status: Introduced 1/5/11 A simple statement to repeal the Dodd Frank Act The Legislative Update is held weekly on the Lykken On Lending Radio Program.