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Article: Home appraisal system could be dustbin-bound
- Article from:
- The Washington Post
- Article date:
- October 31, 2009
CopyrightCopyright 2009 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Could the controversial appraisal system imposed nationwide by
mortgage giants Fannie Mae and Freddie Mac in May -- and now tied
to lowball property valuations, busted home sale transactions and
higher fees to consumers -- 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 agency's director to replace the
code with an improved set of rules developed through the regular
administrative procedures, with public comment periods, used by all
federal ...