February 17, 2012 The House and Senate spent the week wrangling over a 10-month extension of unemployment benefits, Medicare payments to doctors, and the payroll tax holiday, with congressional tax-writers once again targeting Fannie Mae and Freddie Mac guarantee fees as a funding source for the legislation. MBA vigorously opposed this use of g-fees to pay for unrelated programs, and the final bill - which Congress hopes to pass by the weekend - did not contain this harmful provision. In this Issue: MBA Comments on CFPB's SAFE Rule Regarding Transitional Licensing MBA submitted a comment letter this week in response to the CFPB's new interim final rule establishing the Bureau's authorities under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE). MBA confined its comment to urging the CFPB to move quickly to advise the states that transitional licensing of mortgage loan originators (hereinafter "loan originators") is a matter left to them. The comment letter said such action would allow states to act to make the Nation's mortgage licensing system operate more efficiently and more fairly than it does today. For more information, please contact Ken Markison (202) 557-2930. Delinquencies and Foreclosures Decline in Latest MBA Mortgage Delinquency Survey MBA's National Delinquency Survey data for the fourth quarter of 2011 showed declines in delinquency and foreclosure rates. Mortgage performance improved, reflecting the improvement in the job market, with the total delinquency rate and foreclosure starts back to levels from three years ago. Both measures have fallen roughly half way from their peak on their way back to more typical levels. Additional detail can be found here: http://www.mortgagebankers.org/NewsandMedia/PressCenter/79827.htm. Members who subscribe to the survey receive the complete report as well as MBA's analysis of these data. Subscription information can be found here For more information, please contact Mike Fratantoni (202)557-2935.
MBA Calls Grassroots to Action in Arizona MBA Launched a MAA Call to Action in Arizona to oppose a Cramdown bill, SB 1451, in the Senate. The bill was passed unanimously by the Budget Committee and is awaiting action by the Appropriations Committee. For more information, please contact Andrew Szalay (202) 557-2941. MBA's 2012 National Advocacy Conference MBA's annual legislative lobbying event on Capitol Hill will feature remarks from Washington insiders who will address the participants at this year's National Advocacy Conference. The conference is your opportunity to speak directly with law- and policymakers who are deciding the future of the real estate finance industry. It has never been more important for you to attend the conference and be personally involved in the industry's free grassroots advocacy efforts, the Mortgage Action Alliance, Inc. (MAA). Our success in the weeks and months ahead will only come with strong participation from you. It is crucial that you bring the industry's message to Capitol Hill by attending the conference on April 18-19, 2012. To visit the Conference Web site, click here. For more information, please contact William Kooper wkooper@mortgagebankers.org (202) 557-3737. To enroll in MAA, click here. Industry Developments: President Obama Proposes FY2013 Federal Budget; MBA Releases Analysis On Monday, February 13, 2012, President Obama submitted his budget plan to Congress for fiscal year 2013 (FY 2013). FY 2013 begins on October 1, 2012, and ends on September 30, 2013. The budget reflects many of the priorities laid out by the President in his State of the Union address and the corresponding Plan to Help Responsible Homeowners and Heal the Housing Market. MBA's revised budget summary can be found here. CFPB Director Testifies at Oversight Hearing On Wednesday, February 15, 2012, CFPB Director Richard Cordray testified before the House Financial Services Subcommittee on Oversight and Investigations on the CFPB's budget. The hearing was an opportunity for Congress to examine the Bureau's spending and regulatory priorities. For more information, please contact Len Wolfson (202) 557-2712. G-fees Averted/payroll tax Earlier today, the House and Senate passed legislation extending the payroll tax holiday, unemployment benefits, and Medicare payments through the remaining 10 months of 2012. The House vote was 293 to 192 and the Senate voted 60 to 36. Earlier in the week, congressional negotiators had considered using Fannie Mae and Freddie Mac guarantee fees as a source of revenue for the bill. MBA and its coalition partners actively opposed using g-fees to pay for unrelated programs and the final agreement does not contain this harmful provision. For more information, please contact Len Wolfson (202) 557-2712. MBA Comment and Congressional Letter(s): MBA Submits Comment Letter on Exposure Draft - Consolidation. For more information, please contact Jim Gross (202) 557-2860. MBA Submits Comment Letter on Accounting Standards Update 973/946 For more information, please contact Jim Gross (202) 557-2860 or George Green (202) 557-2840. MBA Signs Joint Trades Letter on Rounds Seven and Eight on RESPA Disclosures For more information, please contact Ken Markison (202) 557-2930. Click here for Upcoming MBA Conferences and Events | 
