For most of us of a certain age, the question “How much REO do you have in your portfolio?” was usually answered in terms of the number of eight-track tapes. Of course with the advent of the housing crisis, this term, which references Real Estate Owned or bank-owned property, has become the benchmark of distress […]
In 2010, Congress created the Consumer Financial Protection Bureau (CFPB) to serve as the nation’s “cop on the beat” to protect consumers from harmful financial products. Officially opened for business on July 22, 2011, the CFPB is now responsible for enforcing most federal financial consumer protection laws. CAI’s members have a keen interest in the […]
CAI members know that 2011 saw the beginning of the federal government’s effort to rebuild our mortgage finance system in the wake of the worst housing and economic crisis since the Great Depression. As Congress and a host of federal agencies worked through this process, hundreds of pages of proposed regulations were drafted and issued […]
The ever-changing FHA Condominium Guidelines continued to create problems for many CAI members in 2011. Despite the challenges, CAI was able to work with FHA to amend some of the FHA lending criteria even as FHA released new policy that created new obstacles for condominium associations. In June of 2011, FHA issued major revisions to […]
The Federal Housing Administration (FHA) has announced its plans to disqualify condominium associations from FHA financing if the association charges a deed-based transfer fee at time of sale. This would put FHA at odds with the Federal Housing Finance Agency (FHFA), which earlier this year determined that such fees benefit community associations and do not […]