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Legislative Update

Legislative Update

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Legislative Update

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  1. New Hampshire Housing Homeownership Conference February 18, 2014 Legislative Update

  2. New Hampshire Update Recent and Pending Legislation

  3. Recent NH Legislation • Study Commission on Housing Policy and Regulation • SB 185 (Ch. 233, Laws of 2013) – examination of state agency policies that impact housing affordability • Specifically not about local regulation • Also looking at incentives • Actively pursuing legislation

  4. Pending NH Legislation • From SB 185 Commission • SB 387 – Land sales full disclosure exemptions • SB 393 – NHHFA and surplus land • Foreclosures • SB 306 – Mortgage foreclosure study commission • SB 341 – Eviction procedures on foreclosed properties

  5. Pending NH Legislation (cont’d) • Discrimination, Abuse, and Civil Rights • HB 1555 – Neglect/financial exploitation of elderly or impaired adults • HB 1409 – Discrimination in housing based on “source of income” or domestic abuse • HB 1143 – Update to anti-discrimination laws • HB 1604 – Financial fraud laws commission • SB 371 – Senior citizens bill of rights

  6. Pending NH Legislation (cont’d) • Transactions • HB 532 – PACE (municipal lending for energy efficiency / lien and repayment on taxes) • HB 1532 – Radon level notification • HB 1193 – Flood coverage notification • Miscellanea • HB 1573 – Regional planning commissions • HB 1297 – Workforce housing grants

  7. Federal Update Recent and Pending Legislation

  8. Recent Federal Legislation • Federal Budget • FY 14 $1.1 trillion budget approved in January • Provides stability, at least in the short run • FY 15 negotiations still on the (very) short horizon • Debt limit • “Clean bill” signed by President on Saturday • Government now solvent through March 2015 • Action because of the upcoming mid-term elections

  9. Recent Federal (cont’d) • Consumer Financial Protection Bureau (CFPB) • Qualified Mortgage (QRM / QM) • Requires mortgage lenders to underwrite a loan based on a reasonable expectation that the borrower can repay it; 43% max debt to income; effective 1/10/14 • CFPB now wants ideas on improving public data • Dodd-Frank required loan length, total fees, teaser rates, credit scores • Thinking about disclosure of interest rates, origination fees, reasons for loan rejections; whether they’re QM’s

  10. Pending Federal Legislation • GSE Reform • Fannie and Freddie occupy over 80% of the mortgage market • Both in FHFA conservatorship since 2008 • Administration’s principles for housing reform • Private sector as the center of the housing finance system; • Wind down Fannie and Freddie • Maintain access to 30-year fixed rate mortgage • Support affordability for creditworthy first-time homebuyers and access for affordable rental housing.

  11. Pending Federal (cont’d) • GSE Reform (cont’d) • Last year: Corker/Warner – generally supported by Administration • This year: Johnson/Crapo – details this month • Expected to be based on last year’s bill • Phase out GSE’s over 5 years • Federal Mortgage Insurance Corporation (FMIC) - federal guaranteed catastrophic reinsurance on mortgage-backed securities • Meanwhile, GSE’s are being sued to distribute their “profits” to the National Housing Trust Fund

  12. Pending Federal (cont’d) • Tax Reform • Look for a bill this month from House Ways & Means Chair David Camp • Resistance from both R’s and D’s, but potential support from Senate Finance (Wyden and Warner) • Unlikely to happen, but…

  13. Questions?