‘It’s time’ for housing package to become law, advocates say 

This week in Washington, D.C., federal lawmakers took important steps toward advancing what many have described as the largest push for new housing legislation in decades.

Meanwhile, another member of Congress is urging the Federal Trade Commission (FTC) to review real estate portals' agent referral practices, and the Federal Housing Finance Agency (FHFA) is pushing for wider authority in prosecuting mortgage fraud as its director prepares to step into a new role.

Housing package nears final hurdle

After months of debate and revision, the 21st Century ROAD to Housing Act is getting closer to becoming law.

The Senate passed a version of the housing package in early March, but the bipartisan legislation stalled after the House dropped a controversial build-to-rent provision, prompting senators to say there was "still work to be done."

This week, both chambers of Congress reached a deal to move the legislation forward, with the Senate voting 87-9 to consider the House's updated version. Final votes in both chambers are expected soon, with Senate Banking Committee Chairman Tim Scott telling CNBC on June 18 that the bill could reach the president's desk "within the next two or three weeks."

Housing advocates applauded the progress, with NAR EVP and Chief Advocacy Officer Shannon McGahn calling it "another major step forward for one of the most significant bipartisan housing packages Congress has considered in years," and NAHB Chairman Bill Owens stressing that "it's time for Congress to move this historic housing package across the finish line."

FHFA makes pitch for expanded power

The FHFA is asking Congress to grant it expanded authority in prosecuting mortgage fraud.

In its annual report released June 15, the FHFA said it "believes that all federal regulators of mortgage market participants should be empowered to take action against fraud in the housing finance market." The report then recommended that the agency be given the ability "to make appropriate referrals on discovering suspected fraud" and "to bring civil enforcement actions against persons suspected of engaging in mortgage fraud."

These additional powers would help "enable robust action against fraud and other financial crimes," it said.

Some lawmakers, however, have already raised concerns about how the agency has handled fraud allegations under Director Bill Pulte. The Government Accountability Office said late last year that it would review the agency's recent actions following an investigation request by Senate Democrats.

Pulte, meanwhile, is preparing to step into his new job as acting director of national intelligence, a role President Donald Trump tapped him to fill earlier this month. While Trump later nominated federal prosecutor Jay Clayton for the job, he unexpectedly delayed a Senate hearing that had been scheduled for Clayton this week, paving the way for Pulte to serve in the interim beginning June 19.

Pulte's controversial appointment has received pushback from Republicans and Democrats alike, with lawmakers raising concerns about his lack of experience and willingness to launch retribution campaigns against the president's perceived political enemies.

Another lawmaker urges probe of agent referral practices: Report

Republican Rep. Ben Cline of Virginia has reportedly joined a small group of federal lawmakers in asking the FTC to review real estate portals' agent referral practices.

According to HousingWire, which obtained a copy of the letter, Cline questioned the way some portals connect consumers with agents and warned of alleged steering in how buyers are guided toward lenders on these platforms.

Democratic Reps. Jennifer McClellan and Don Beyer, both also from Virginia, raised similar concerns recently in their own request for an FTC probe.

Real Estate News has not independently reviewed Cline's letter and has reached out to his office for comment.