Saturday, June 27, 2009

Bill to put a 18 month moratorium on HVCC introduced.

Representatives Childers and Miller have introduced H.R. 3044 which imposes an 18-month moratorium on the Home Valuation Code of Conduct.

The NAMB has issued a
press release in support, I haven't seen an official NAR press release yet. But here are 2 other steps the NAR is taking to get HVCC set aside (this email is confirmed but this is the only public link I could find to it):

On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC.

On Tuesday, June 30th, I will travel to Washington, D.C., to meet with the Director of the Federal Housing Finance Agency to discuss ways we can work with Fannie Mae, Freddie Mac and lenders to ensure that appraisals are accurate.

Looks like the earlier rumor was true. This is all from that playbook. This is really about defining what an "accurate appraisal" is, it is different things to different people. And the NAR wants to make sure any appraisal number is as high as possible so that the fewest deals are affected by appraisal issues.

No comments: