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Article: Overhaul on way for appraisal code?(Real Estate)
- Article from:
- Daily Herald (Arlington Heights, IL)
- Article date:
- October 30, 2009
CopyrightCOPYRIGHT 2009 Paddock Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON u Could the controversial appraisal system imposed nationwide by mortgage giants Fannie Mae and Freddie Mac last May u and now tied to lowball property valuations, busted home sale transactions, and higher fees to consumers u be on its way out?
It just might be. Under a bipartisan amendment approved Oct. 22 by the House Financial Services Committee, the "Home Valuation Code of Conduct" would be terminated early in the existence of a proposed new Consumer Financial Protection Agency.
The amendment would require the agencyAEs director to replace the code with an improved set of rules developed through the regular administrative procedures and ...