FEDERAL AGENCIES
Federal Housing Administration
(FHA)*
What is the FHA?
The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inceptionin 1934.
FHA Handbooks Available Online* (Summary page 4-15-09 
)
Expanding Homeownership Act of 2007* (Passed by House & Senate - 110th Congress of U.S. 9/2007 - Goal: To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.)
FHA Mortgage Limits By Counties in California*
FHA Closing Costs: HUD Mortgagee Letter 2006-04 - 1/27/06 - FHA Has Revised Borrower's Closing Costs Removing a Major Basis for Seller's Rejections of Such Offers
Federal Trade Commission (FTC)*
What is the FTC?
The FTC is an independent agency that reports to Congress on its actions. When the FTC was created in 1914, its purpose was to prevent unfair methods of competition in commerce as part of the battle to "bust the trusts." Over the years, Congress passed additional laws giving the agency greater authority to police anticompetitive practices. In 1938, Congress passed the Wheeler-Lea Amendment, which included a broad prohibition against unfair and deceptive acts or practices. Since then, the Commission also has been directed to administer a wide variety of other consumer protection laws, including the Telemarketing Sales Rule, the Pay-Per-Call Rule and the Equal Credit Opportunity Act. In 1975, Congress passed the Magnuson-Moss Act, which gave the FTC the authority to adopt trade regulation rules that define unfair or deceptive acts in particular industries. The FTC's work is performed by the Bureaus of Consumer Protection, Competition and Economics.
Free Credit Reports Under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA) (6-9-04 FACTA amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs)--Equifax, Experian, and Trans Union--provide to consumers, upon request, a free copy of their credit report once every 12 months)
FTC Issues Final Summaries and Notices Under FACTA* (11-19-04)
FTC Announces First CAN-SPAM Cases* (4-29-04)
FTC CAN-SPAM Final Rule* (eff. 3-28-05)
NAR Do-Not-Call, E-mail, Do-Not-Fax Update* (7-12-05)
Do-Not-Call Registrations Will Not Expire and Will Last Indefinitely* (6-18-08)
U. S. Department of Housing and Urban Development (HUD)*
What is HUD?
The Department of Housing and Urban Development Act of 1965 created HUD as a Cabinet-level agency of the U.S. government. HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships--particularly with faith-based and community organizations--that leverage resources and improve HUD's ability to be effective on the community level.
Temporary Waiver of 90-day Property Flipping Rule for Foreclosing Lenders (6-13-09)
HUD Mortgagee Letter 2007-09*: This mortgagee letter provides assurances to FHA-approved mortgagees that credit reports with truncated SSNs, subject to the additional guidance in the letter, are acceptable for FHA mortgage insurance purposes.)
Freddie Mac*
What is Freddie Mac?
"Freddie Mac" which is actually FHLMC, Federal Home Loan Mortgage Corporation, is a stockholder-owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. Freddie Mac conducts its business primarily by buying mortgages from lenders, packaging the mortgages into securities and selling the securities (FRE) - guaranteed by Freddie Mac - to investors. Mortgage lenders use the proceeds from selling loans to Freddie Mac to fund new mortgages, constantly replenishing the pool of funds available for lending to homebuyers and apartment owners. (Note: the federal government took over Freddie Mac pursuant to the Housing and Economic Recovery Act of 2008.)
Current information on Freddie Mac's website (click here): "Does Freddie Mac Own Your Mortgage," "Foreclosure Prevention Resources," "Taylor, Bean, & Whitaker Q&A"(9-17-09)
Freddie Mac Issues New Short Sale Commission Policy (8-20-09)
Long-Term Rates Now Lower than Short-Term: Fixed-Rates Hover Above All Time Low* (4-23-09)
Freddie Mac Officially Launches REO Rental Initiative for Tenants, Owner-Occupants After Foreclosure* (3-5-09)
Freddie Mac Stops Foreclosure Sales on Loans Eligible for "New Home Affordable Modification Program"* (3-4-09)
2009 Conforming Loan Limits*
Single-family Uniform Mortgage Instruments* (Note: Need Acrobat Reader* to read and print forms.)
Fannie Mae*
What is Fannie Mae?
"Fannie Mae" which is actually FNMA, the Federal National Morgage Association, is a private, shareholder-owned company that works to make sure mortgage money is available for people all across America. It does not lend money directly to home buyers but it works with lenders. Fannie Mae stock (FNM) is actively traded on the New York Stock Exchange and other exchanges and is part of the Standard & Poor's 500 Composite Stock Price Index. (Note: the federal government took over Fannie Mae pursuant to the Housing and Economic Recovery Act of 2008.)
Fannie Mae Home Affordable Refinance FAQs* (6-25-09)
Fannie Mae Suspends Evictions Through March 31, 2009* (3-6-09)
Fannie Mae Undertakes "Making Home Affordable" Refinancing and Modification Initiatives* (3-4-09)
2009 Conforming and Temporary High-Balance Loan Limits* (3/30/09)
Fannie Mae Instructs Its Servicers Not to Cut Commissions on Short Sales (2-24-09)
Go to: http://www.fanniemae.com/flApplication/fanniemae/findLender.jsp for a list of Fannie Mae
lenders/servicers.
Ginnie Mae*
What is Ginnie Mae?
"Ginnie Mae" which is actually GNMA, Government National Mortgage Association, is a government agency within HUD created by Congress to ensure adequate funds exclusively for government loans insured by the Federal Housing Administration (FHA) and guaranteed by the Department of Veterans Affairs (VA) and Veterans Administration.
Under the Soldiers' and Sailors' Civil Relief Act, mortgage lenders are required to charge a maximum of 6 percent interest for active duty military personnel. Ginnie Mae reimburses issuers for the interest shortfall under certain circumstances.
U. S. Consumer Product Safety Commission ( CPSC)
What is the CPSC?
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products under the agency's jurisdiction. Some of these products are real estate related and impact homeowners.
2007 CPSC Safety Alerts
2008 CPSC Safety Alerts
2009 CPSC Safety Alerts*:
Frigidaire and Kenmore Smoothtop Electric Ranges Recalled Due to Fire Hazard, 8-27-09
Recall of Home Heating Vent Pipes, 8-15-09
Maytag Expands Recall of Refrigerators Due to Fire Hazard, 8-25-09
Frigidaire Recalls Clothes Washers, 7-30-09
Heating System Thermostats Recalled by OJ Electronics, 7-21-09
Viking Recalls Built-in Refrigerators Due to Door Injury Hazard, 6-16-09
GE Recalls Ranges Due to Fire and Burn Hazards, 4-8-09
Recall of Dangerous Home Heating Vent Pipes 4-1-09
Maytag Recalls Refrigerators Due to Fire Hazard 3-10-09
Recall Program to Replace Dangerous Home Heating Vent Pipes 1-15-09
Bosch® and Siemens® Model Dishwashers Recalled 1-15-09
U. S. Treasury Department (http://www.ustreas.gov/)
Summary of various federal government financial programs* (3-24-09)
CALIFORNIA AGENCIES
California Department of Corporations (DOC)*
What is the DOC?
The DOC is California's Investment and Financing Authority, and has exclusive authority to bring both civil and administrative actions under the laws subject to the jurisdiction of the DOC. The DOC licenses and regulates a variety of businesses including securities brokers and dealers, investment advisers and financial planners, and certain fiduciaries and lenders. The DOC also regulates the offer and sales of securities, franchises and off-exchange commodities.
California Finance Lenders Law*
California Residential Mortgage Lending Act*
Escrow Law*
California Department of Real Estate (DRE)*
What is the DRE?
The DRE is the California agency that regulates real estate licensees.
DRE 2009 Real Estate Law*
DRE Real Estate Bulletins*
DRE Mortgage Loan Bulletins*
