Legislative Issues

The REALTOR Voice is heard at the state legislature, preventing a possible statewide tax of $75 on the recording of all non-sale documents.

Senate Bill 1439 -- Ellis Act Reform -- passed the state senate, with potentially significant impact to property owners and landlords in San Francisco.

In revamping the tax code, Congress is eyeing three basic approaches to the home mortgage interest deduction (MID): eliminate it completely; limit the deductions for higher incomes; or, have it changed to a tax credit.

It's a start. Last week, FHFA Director Mel Watt made his first public speech addressing FHFA's strategic plan for Fannie Mae and Freddie Mac, including stepping back from a proposed reduction in conforming loan limits.

Insurance companies have been directed to stop charging full-risk premium rates for flood insurance on older properties sold after May 1, the Federal Emergency Management Agency (FEMA) mandated in a recent bulletin. The bulletin is FEMA's first directive at implementing the Homeowner Flood Insurance Affordability Act, enacted last month to curb escalating flood insurance premiums. The bulletin directs insurers to allow home buyers to assume the seller's premium rate until FEMA issues new rate tables and refunds excessive premiums as directed under the law.

In producing the new RESPA/TILA rule, the Consumer Financial Protection Bureau (CFPB) listened to NAR to nix a broad 3-day waiting period when there are changes to the closing disclosure.