These are the most important and latest government-sponsored enterpise moves, mortgage banking pol legislative proposals affecting the secondary mortgage market. New or updated items are marked.Topic: Action: What's NeFlood Insurance The House Banking Subcommittee on Consumer Credit and Bill mayReform Insurance passed legislation, H.R. 3191, requiring lenders to House Ban escrow flood insurance funds, even if no escrow account has been this week set up for taxes, insurance and the like. It also requires lenders to will reac perform flood zone recertifications for loans sold or transferred. floor thiFreddie Mac Freddie Mac announced Sept. 7 that it will only accept seasoned SeasonedSeasoned mortgages, home mortgages closed within one year of delivery to be sold tMortgages Freddie, on a negotiated basis. The process may require lenders to the Dec.Policy provide Freddie with more detailed information about the borrowers later off credit history as well as updated property appraisals. be negotiHigh-Yield Legislation marked up by the Senate Banking Committee Sept. 21 Bill headMortgage imposes much greater disclosure requirements on high yield floor wheDisclosures mortgages. The bill, Community Development, Credit Enhancement likely to and Regulatory Improvement Act, S. 1275, is aimed at nonbank lenders who invest loans into high-yield instruments.* UPDATE: The Mortgage Bankers Association and the Federal Reserve are The HouseSecondary Market pressing Congress to implement changes that would limit the CommitteeCommercial potential power of the Treasury before the Business, Commercial, view theReal Estate and Community Development Secondary Market Development reach theMortgages Act, H.R. 2600, reaches the Banking Committee. this sess
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