Advocacy Update 3 16 12

MBA ADVOCACY UPDATE

March 16, 2012

With congressional and presidential primaries underway in many states throughout the country, the run-up to the elections is a reminder to our industry of how much is at stake in the months between now and November. Next month, MBA will be hosting its annual National Advocacy Conference, an opportunity for members of our industry - both residential and commercial - to meet with key regulators and members of the House and Senate to discuss the issues facing the mortgage finance sector. Your personal participation in Washington is a vital part of MBA's efforts to educate policymakers on a range of issues, from the risk retention and ability to repay rules, to the structure of the secondary mortgage markets, servicing standards and many others.

In this Issue:
MBA Holds Successful Webinar on AG Settlement
MBA held a webinar on Wednesday, March 14, 2012, on the recently filed AG Servicing Settlement. The session was moderated by Debra W. Still, CMB, Chairman-Elect, Mortgage Bankers Association and President and Chief Executive Officer, Pulte Mortgage. Michael P. Lau, CMB, Executive Vice President, Phoenix Capital and Laurence E. Platt, Practice Area Leader, Consumer Financial Services, K&L Gates LLP were the featured speakers. The webinar covered the consumer relief remedies, financial provisions, and servicing standards required of the covered institutions. For more information, please contact Jeff Schummer (202) 557-2887.

MBA Participates in Joint Meeting with HUD Secretary Donovan on FHA Multifamily Matters
On Wednesday, March 14, 2012, MBA members and staff met with HUD Secretary Shaun Donovan, Acting FHA Commissioner Carol Galante and Deputy Assistant Secretary for Multifamily Programs Marie Head to discuss HUD's priorities for its Multifamily and Healthcare programs. Joined by representatives from the National Association of Home Builders, the National Multi Housing Council, and the National Apartment Association, the group engaged in an informative dialogue with senior HUD officials. The Secretary's commitment to improve processing times for FHA multifamily applications, HUD's recent proposal to increase FHA mortgage insurance premiums for multifamily and healthcare programs in FY2013, and its large loan mitigation initiative were among the topics discussed. MBA will continue to engage with senior HUD officials on these and other matters of importance to the industry. For more information, please contact Tom Kim(202) 557-2745 or Doug Moritz (202) 557-2747.

HUD Secretary to Speak at MBA National Advocacy Conference
This week, MBA announced that the United States Secretary of Housing and Urban Development, Shaun Donovan, will address the attendees of MBA's National Advocacy Conference, which takes place in Washington, DC on April 18-19, 2012. Secretary Donovan is a veteran of the multifamily housing industry. He also served at HUD as the Deputy Assistant Secretary for Multifamily Housing during the Clinton administration. Prior to his return to HUD in 2009, he served as Commissioner of the New York City Department of Housing Preservation and Development and worked in the private sector on financing affordable housing. For more information about the conference and to register, click here or contact William Kooper wkooper@mortgagebankers.org (202) 557-3737.

MAA Calls Louisiana Members to Action
On Wednesday, March 14, 2012, the Mortgage Action Alliance, Inc. � (MAA) called its Louisiana members to action, hoping to oppose Louisiana Senate Bill 425. The bill would prohibit the required use of settlement service providers in real estate transactions. Of direct concern to many members, this prohibition would interrupt long standing practices that have helped consumers purchase their homes. The bill has been referred to the Louisiana Senate Committee on Commerce, Consumer Protection and International Affairs and is awaiting consideration. For more information, please contact Cassandra Riedy(202) 557-2811. For more information about the Mortgage Action Alliance, contact William Kooper (202) 557-2737.

MBA's 2012 National Advocacy Conference
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:
FHFA Publishes Final Rule on Transfer Fees
On Thursday, March 15, 2012, the Federal Housing Finance Agency's (FHFA) final rule on private transfer fees was published in the Federal Register. The final rule limits Fannie Mae, Freddie Mac, and the Federal home Loan Banks from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. The final rule excludes private transfer fees paid to homeowner associations, condominiums, cooperatives, and certain tax-exempt organizations that use private transfer fee proceeds to benefit the property. For more information, please contact Tamara King 202-557-2758.

Congressional Hearings:

March
20      House Committee on Financial Services: Hearing entitled "Hearing to Receive the Annual Testimony of the Secretary of the Treasury on the State of the International Financial System"

20      Senate Committee on Banking, Housing & Urban Affairs: Nominations Hearing

21      House Committee on Financial Services: Hearing titled "H.R. ______, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2012"

21      Senate Committee on Banking, Housing & Urban Affairs: Examining Investor Risks in Crowdfunding

22      House Committee on Financial Services: Hearing entitled "The Future of Money: How Mobile Payments Could Change Financial Services"

22      Senate Committee on Banking, Housing & Urban Affairs: International Harmonization of Wall Street Reform: Orderly Liquidation, Derivatives, and the Volcker Rule

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