March 6, 2013
TLTA Files Legislation to Streamline and Improve the Industry
This Friday, March 8, marks the deadline to file legislation for the 83rd Legislative Session. Unlike recent sessions, several House committees have already begun working on many bills, and after the deadline Friday, these committees will continue their work in earnest. TLTA is working around the clock addressing issues surrounding our legislative agenda with outside stakeholders in an effort to seek consensus.
The following legislation from TLTA's affirmative agenda has been filed and referred to committees:
SB 887 and
HB 1940 would clarify that the date of a correction instrument relates back to the original filing date. The bills would also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction. The Senate bill has been referred to the Intergovernmental Relations Committee, and the House bill has been referred to the Business & Industry Committee.
HB 1913 would amend the statute to provide for the ability of tax assessor collectors to waive certain interest and penalties related to ad valorem taxes. This would create an equitable situation for new property owners while helping ensure taxing authorities receive the original amount of any back taxes owed. The bill has been referred to the Ways & Means Committee.
Stay tuned to this newsletter and the Legislative page on our website for updates on the progress of our affirmative agenda as well as other legislation we're tracking that could impact the industry. If you would like to receive email notifications with links to live legislative hearings, please email
[email protected] to get added to the list.
Fannie Mae, Freddie Mac Merger Plan Unveiled
The Washington Post | March 4, 2013
Fannie Mae and Freddie Mac will create a common platform for issuing mortgage-backed securities as they wind down operations and plan for a future in which the two companies no longer exist, their regulator said Monday. The government-owned enterprises also will start sharing risk with private financiers in the single-family loan market, aim to reduce their multifamily housing business by 10 percent and continue raising fees they charge to guarantee securities, Edward J. DeMarco, the Federal Housing Finance Agency's acting director, said on a conference call with reporters.
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Reservoirs Make Comeback in Parched Texas
Texas Tribune | March 4, 2013
Tucked away in Northeast Texas, Lake Gilmer was the last major reservoir built in the state, more than a decade ago. Local officials said they intended to share construction costs and water with a new power plant, but the power company backed out, leaving the city of Gilmer with the bill. Rather than serve city or industrial customers as a water source, the lake is mostly used for bass fishing. Despite this cautionary tale, Texas’ interest in reservoirs is reviving as the drought persists and growing cities scramble for new water supplies.
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Housing Coalition Urges Fed to Rethink QRM
Housing Wire | March 4, 2013
The Coalition for Sensible Housing Policy urges prudential regulators to base the Qualified Residential Mortgage rule on the previously released Qualified Mortgage rule, according to a letter from the agency to the Federal Reserve. Unlike the QM, which was defined by the Consumer Financial Protection Bureau on Jan. 10, the Federal Reserve and other major financial regulators will shape the final QRM rule.
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