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
▪
▪
▪
▪
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…