Editor: David Reiss
Brooklyn Law School

December 31, 2015

Thursday’s Advocacy & Think Tank Round-Up

By Serenna McCloud

  • Enterprise Community Partners’ latest blog post in the Spotlight on HOME Investment Partnership series highlights the experience of 22 year old Lani, a single mother of two boy’s, who was able to transition from homelessness to stability with the help of Project Independence, a program administered by Adobe Services in Alameda California, partially funded by HOME.  Enterprise is highlighting the effectiveness of the program because deep budget cuts threaten to reverse the success of HOME.
  • The Mortgage Bankers Association (MBA) released a letter sent to the Consumer Financial Protection Bureau (CFPB) expressing concerns that the recently implemented Know Before You Owe/Truth in Lending Act/Real Estate Settlement Procedures Acts (TILA/RESPA) regulations are causing widespread market disruptions in the mortgage industry, and that lenders are worried about mistakes and potential liability – causing a decline in loan approval rates and ultimately liquidity.  The CFPB’s Director, Corday, issued a letter in response, acknowledging that the new rules will require extensive operational adjustment and stating: “examiners will be squarely focused on whether companies have made good faith efforts to come into compliance” and that initial examinations will be “corrective and diagnostic, rather than punitive.”
  • The National Association of Realtors (NAR)’s Pending Home Sales Index (a forward looking index) is down slightly for November, the fourth straight monthly decline.  Year over year the metric is up, for the 15th straight month. According to NAR the decline is attributable to tight inventory and rising home prices.
  • NAR’s RealtorMag predicts the top cities for first time homebuyers in 2016, among the contenders are Orlando, Florida; DeMoines, Iowa; and Banton Rouge, Louisiana.
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