For Homeowners and Buyers

Issues for Homeowners and Buyers

✰ NEW – Letter to FHFA about Freddie/Fannie Guarantee Fees

CXHE responded to FHFA’s request for comments about proposed increases in Guarantee Fees.  CXHE is concerned that the increases negatively affect mortgage affordability and should allow fees to be based on alternative credit.  CXHE also disagreed with the FHFA proposal to keep a penalty fee in place for New York borrowers due to the length of the foreclosure process.  CXHE supported the New Yorkers for Responsible Lending position that borrowers should not be penalized for the length of the process when it is the financial institutions that cause unnecessary delays.

The Consumer Finance Protection Board (CFPB) Announces New Mortgage Rules Consumers Should Know About – 12/16/2013

Embedded below is a document of updates from the CFPB regarding new rules that protect consumers from purchasing risky mortgages. You will also find “practical tips” that will help explain how the rule applies to a consumer. Please contact us with any questions.


H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013 – 9/16/2013

The Coalition for Excellence in Homeownership Education supports the passage of H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013. H.R. 2994 was introduced by Rep. Tom Reed II [R-NY23] in early August, 2013. The bill aims “To amend the Internal Revenue Code of 1986 to extend for 1 year the exclusion from gross income of discharges of qualified principal residence indebtedness.”

Essentially, this bill would exclude taxes on a homeowner’s forgiven debt due to underwater mortgages.
You can read the bill in its full text by clicking here.
You can track the progress of this bill on Govtrack.

Below is a template for emailing your Senator or Representative to urge support of H.R. 2994. Simply copy the form, edit it to include your contact information, and send it to your senator.
You can also click here to open the document separately.
You can click here to find out how to email your elected official.