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6 The regulations covering NMSs do not subject them to strong enough prudential regulatory requirements to ensure they can operate in a safe and sound manner even during times of significantly adverse economic and market circumstances. The Report notes, by contrast, that the regulations that apply to banks are designed to do just that.
However, to fully understand how this legislation came to pass, and why it is helpful contextually to review the history of land banking and tax foreclosure in Ohio. In the 1970s, Ohio had passed what can be viewed as traditional land bank legislation, which authorized municipalities, counties, and townships to create land banks.
23 There has even been legislation proposed in Congress to legally require the tri-merge report, 24 overriding the FHFA’s proposed reform. Unusually, the industry’s regulator, the Appraisal Foundation, was established by the industry itself and then, in 1989, designated by Congress as its regulator.
In response, Democrats in California and Massachusetts, Republicans in Utah and Montana, and city governments across the country have enacted legislation designed to address the barriers that restrict new housing development. “This is a moment of ferment—and experimentation—in land use policy,” writes Noah M.
The Federal Housing Finance Agency (FHFA), the regulator and conservator of Freddie Mac and Fannie Mae, the two government-sponsored enterprises (GSEs), has been very prominently in the news lately. every borrower paying the same interest rate), its regulators would cite it for engaging in an unsafe and unsound practice.
This allowed its regulator, the Federal Housing Finance Agency (FHFA) – which declared itself to be their conservator – to operate the companies in lieu of their stockholders and boards. Congress, over time, has created through legislation these two major targeted access-to-credit programs.
I have also written on the inherent design flaw in F&F and the other GSEs embedded in their congressional legislation: see [link] and [link]. ]] For many years, this was considered the responsibility of Congress, which had established the GSEs by legislation – but Congress has never come close to agreeing on what changes would be needed.
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