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On March 31, the Biden Administration released details on its “American Jobs Plan.” Containing $2.25 trillion in new spending, $400 billion in tax credits, and $2.75 trillion in tax increases, if passed as proposed, the plan would be among the largest pieces of legislation in American history.REF The sprawling nature of the proposal, which includes taxes, transportation infrastructure, schools, health benefits, economic incentives, and more, makes the package difficult to analyze and summarize for public debate.
This has become standard practice in Washington: Leading Members of Congress bundle disparate policy measures into a handful of bloated legislative vehicles per session, and deem them “must pass” in order to pressure rank-and-file Members to vote in favor of them regardless of their specific policy concerns.REF
Fannie and Freddie Told to Write Their Wills May 4 2021, 3:49PM
The GSEs Fannie Mae and
Freddie Mac have been given orders to develop so-called living wills. Such
wills are
credible resolution plans that outline how either GSE could be
rapidly and orderly resolved should the Federal Housing Finance Agency (FHFA) be
appointed their receiver in the event of another financial crisis. The mandate
is in the form of a final rule issued by FHFA on Monday.
The rule is
similar to those
issued by the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC)
under which many large financial institutes are required to submit such wills.
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On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule) from July 1, 2021 to October 1, 2022.
We
previously reported on this mortgage rulemaking that was finalized by the Bureau late last year. The General QM Final Rule drastically simplifies the definition of a QM by replacing the original definition of general QM loans (centered on the requirement that the consumer’s debt-to-income ratio (DTI) not exceed 43%) with a limit based on the loan’s pricing. The rule was published in the
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HARRISBURG, Pa., April 28, 2021 /PRNewswire/ Pennsylvania will receive $24.1 million in national Housing Trust Fund dollars this year, representing a 148% increase compared with its 2020 funding amount of $9.7 million. This is according to an announcement by the U.S. Department of Housing and Urban Development, which distributes HTF funding. Only six states received more HTF financial support for 2021. Pennsylvania has the fourth greatest percentage increase in HTF funding among the 50 states.
The total amount included in the 2021 national HTF disbursement is nearly $700 million, which is the largest annual allocation ever provided since the fund was created in 2008. The 2020 HTF total funding amount, for comparison, was $322.5 million.