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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee The 215th New Jersey legislative session has now opened. Many additional laws from the prior session were re-introduced in the new session. As a result, some of the same bills remain in consideration. Importantly, the Community Associations Institute applied vigorously for
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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee Election Day! Election Day is a date that concerns every politician. It seems that for good or bad, Trenton was so focused on the elections recently and did not have much time to legislate. As a result, many of the bills
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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJLegislative Action Committee A myriad of legislative initiatives related to common ownership interest associations are pending in Trenton. Many of these proposals engage a wide variety of issues including pesticide applications, licensing of certain employees and regulation of board and open meetings. Board elections are
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
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee Enjoy the Conference & Expo! We are expecting a great turn out of attendees from our association members, professionals, managers, sponsors and all those who service our ever growing industry. The Conference & Expo is a great opportunity to meet new
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
