Jean Bestafka, CAVL – Renaissance Manchester Vice Chair, New Jersey Legislative Action Committee As a community volunteer on the Legislative Action Committee, I have been awed by the dedication of all of the professional committee members. The volunteer leaders on the committee offer perspective on the ways in which proposed legislation might affect our communities
On January 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited federal Qualified Mortgage (QM) standard. The new federal guidelines, which are required by the Wall Street Reform and Consumer Protection Act (commonly known as the Dodd Frank Act), establish minimum requirements for all mortgage loans. As anticipated, the QM standard considers community association
Thomas C. Martin, Esq.Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee The elections are over. New legislators are being seated. Outgoing legislators are leaving their posts. Nevertheless, before all that happens in Trenton we are all now experiencing a “lame duck” session of the legislature. Depending on your perspective, at times, a lame
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
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,
