Transcript Document
New Hampshire Housing
Homeownership Conference
February 18, 2014
Recent and Pending Legislation
Study Commission on Housing Policy and
Regulation
SB 185 (Ch. 233, Laws of 2013) – examination of
state agency policies that impact housing
affordability
Specifically not about local regulation
Also looking at incentives
Actively pursuing legislation
From SB 185 Commission
SB 387 – Land sales full disclosure exemptions
SB 393 – NHHFA and surplus land
Foreclosures
SB 306 – Mortgage foreclosure study commission
SB 341 – Eviction procedures on foreclosed
properties
Discrimination, Abuse, and Civil Rights
HB 1555 – Neglect/financial exploitation of elderly
or impaired adults
HB 1409 – Discrimination in housing based on
“source of income” or domestic abuse
HB 1143 – Update to anti-discrimination laws
HB 1604 – Financial fraud laws commission
SB 371 – Senior citizens bill of rights
Transactions
HB 532 – PACE (municipal lending for energy
efficiency / lien and repayment on taxes)
HB 1532 – Radon level notification
HB 1193 – Flood coverage notification
Miscellanea
HB 1573 – Regional planning commissions
HB 1297 – Workforce housing grants
Recent and Pending Legislation
Federal Budget
FY 14 $1.1 trillion budget approved in January
Provides stability, at least in the short run
FY 15 negotiations still on the (very) short horizon
Debt limit
“Clean bill” signed by President on Saturday
Government now solvent through March 2015
Action because of the upcoming mid-term
elections
Consumer Financial Protection Bureau (CFPB)
Qualified Mortgage (QRM / QM)
▪ Requires mortgage lenders to underwrite a loan based
on a reasonable expectation that the borrower can repay
it; 43% max debt to income; effective 1/10/14
CFPB now wants ideas on improving public data
▪ Dodd-Frank required loan length, total fees, teaser rates,
credit scores
▪ Thinking about disclosure of interest rates, origination
fees, reasons for loan rejections; whether they’re QM’s
GSE Reform
Fannie and Freddie occupy over 80% of the mortgage
market
Both in FHFA conservatorship since 2008
Administration’s principles for housing reform
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Private sector as the center of the housing finance system;
Wind down Fannie and Freddie
Maintain access to 30-year fixed rate mortgage
Support affordability for creditworthy first-time homebuyers
and access for affordable rental housing.
GSE Reform (cont’d)
Last year: Corker/Warner – generally supported by
Administration
This year: Johnson/Crapo – details this month
▪ Expected to be based on last year’s bill
▪ Phase out GSE’s over 5 years
▪ Federal Mortgage Insurance Corporation (FMIC) federal guaranteed catastrophic reinsurance on
mortgage-backed securities
Meanwhile, GSE’s are being sued to distribute
their “profits” to the National Housing Trust Fund
Tax Reform
Look for a bill this month from House Ways &
Means Chair David Camp
Resistance from both R’s and D’s, but potential
support from Senate Finance (Wyden and Warner)
Unlikely to happen, but…