Thomas C. Martin, Esq.Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee It was a pleasure seeing so many committed community association volunteer leaders, vendors and attendees at the recent Conference & Expo. The Conference & Expo seems to get bigger, more enriched and more beneficial every year. I sincerely hope all of you
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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee With the Presidential election in full swing one would think the State Legislature would be too busy to address, debate and consider legislation. Nevertheless, that is not the case. Our Legislature here in New Jersey is very busy and the new
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A.,Chair, CAI-NJ Legislative Action Committee On the legislative front, a series of additional recent bills have either been proposed or are up for committee review. Highlights of the more recent legislative activity include Senate Bill 2036. This Bill is designed to expand the ability of a planned
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,
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee Despite the summer heat wave, the Legislature in Trenton remains busy with all manner of bills being proposed, debated and voted upon in various committees. The Legislative Action Committee of the Community Associations Institute has been tracking and monitoring a number
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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee A lot depends on perspective. Depending on your perspective, recent news about the relative slowing in foreclosures is either good news or bad news. It is good news if your perspective is that there are fewer instances of mortgage default (and
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
