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November 1, 2018
Periodical News Brief
Reps. Jeb Hensarling, R-Texas, and John Delaney, D-Md., released draft legislation Sept. 6 that would wind down Fannie Mae and Freddie Mac over a five-year period and create a mortgage insurance program run through Ginnie Mae. Under the legislation, Ginnie Mae would leave the U.S. Department of Housing and Urban Development and become a stand-alone agency. Hensarling and Delaney released the text of the legislation, as well as a section-by-section summary and an overview and summary, which are all available at www.taxcredithousing.com.
February 1, 2019
Periodical News Brief
Diane Yentel, CEO of National Low-Income Housing Coalition, testified Dec. 21, 2018, at the Housing Finance Reform Hearing in front of the House of Representatives Financial Services Committee. Yentel spoke on behalf of the National Housing Trust Fund (HTF), calling for its expansion. She advocated for any housing finance reform legislation to provide a minimum of $3.5 billion annually to the HTF. She also informed the committee that there are just 35 homes affordable and available for every 100 of the lowest-income households in America–seniors, people with disabilities and families with children, and that the HTF was created precisely to meet the housing needs of these households, and the private sector on its own cannot address these needs without federal assistance. Rep. Warren Davidson, R-Ohio, asked if it is “rational” to increase federal housing assistance, to which Yentel responded that “it is irrational not to” because affordable homes are central to positive outcomes in health, education, economic well-being and other essential areas.
January 2, 2018
Periodical News Brief
The Office of the Comptroller of the Currency (OCC) released Nov. 8, 2017, a Policies and Procedures Manual issuance describing its framework for evaluating certain types of licensing applications when an applicant bank has an overall less than satisfactory rating (needs to improve or substantial noncompliance) under the Community Reinvestment Act (CRA) or a less than satisfactory CRA rating in one or more geographic areas. The guidance applies to all OCC-supervised banks subject to the CRA, including community banks and is available at www.novoco.com/cra.
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