CAI members impacted by Hurricane Sandy are facing high recovery costs as local governments are being denied Federal Emergency Management Agency (FEMA) reimbursement for debris removal and other disaster recovery expenses in community associations. This week, Congress is debating legislation to provide additional resources and flexibility for FEMA to fully respond to the aftermath of […]
A congressionally mandated independent audit of the Federal Housing Administration (FHA) projects that FHA lacks sufficient funds to cover expected losses in its Mutual Mortgage Insurance Fund (MMIF). The audit estimates that FHA has a capital deficit of $13.5 billion for its forward mortgage programs and a $2.8 billion capital deficit for its reverse mortgage […]
Following the worst housing and financial crisis since the Great Depression, the federal government is undertaking sweeping changes to the mortgage finance system. These changes will determine who gets mortgages, for what type of home and in what type of community. The impact of these changes will be profound and have the potential to affect […]
The Federal Housing Administration released a long-awaited revision of its condominium project approval guidelines on September 13th. The revisions to FHA condominium guidelines are contained in Mortgagee Letter 2012-18 and expire on August 31, 2014. FHA states it is making temporary adjustments to its condominium standards in response to market conditions. CAI has the new guidelines, Mortgagee Letter 2012-18, […]
On August 8, the Federal Housing Finance Agency (FHFA) requested public comment on the use of eminent domain authority by municipalities to seize mortgage loans for purposes of offering homeowners a reduced mortgage balance. The County of San Bernardino, California and the City of Chicago, among other municipalities, have expressed interest in eminent domain as […]
Community Associations Institute has endorsed S. 3085, the “Responsible Homeowner Refinancing Act of 2012.” The legislation, spearheaded in the U.S. Senate by Senators Robert Menendez (NJ) and Barbara Boxer (CA), will help more homeowners with mortgages greater than the value of their home refinance and lower monthly mortgage payments. The housing and foreclosure crisis has […]
Noting changes in housing development and modern housing preferences, CAI urged the Federal Housing Finance Agency, or FHFA, to recognize community associations as a distinct housing market. More than 60 million Americans live in 314,000 community associations nationwide, representing almost 20 percent of the American population. Writing on behalf of CAI members, Tom Skiba, CAI’s […]
Mr. Dick Pruess, long-time CAI member and chair of California’s Legislative Action Committee, told federal lawmakers that association homeowners suffer when lenders delay foreclosures, allowing delinquent owners to remain in their properties. The U.S. House of Representatives Financial Services Committee asked CAI to testify on a plan to sell real estate owned (REO) held by […]
On April 5, the Federal Reserve System issued guidance to banks intended to spur the temporary conversion of Real Estate Owned (REO) to rental property. Earlier this year, the Federal Reserve strongly encouraged the sale of REO to investors for use as rental properties. With this new guidance, the Federal Reserve is offering banks the […]
On March 15, 2012, the Federal Housing Finance Agency (FHFA) issued its long awaited final rule on transfer fees. FHFA had proposed a federal regulation which would have banned federally backed mortgages for property in a community association with a deed-based transfer fee. As originally drafted, the proposed rule would have cut-off nearly all mortgage […]
