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Article: Proposed law aims to police appraisals
- Article from:
- Chicago Sun-Times
- Article date:
- July 17, 1987
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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A key financial practice affecting the market value of your home
is about to get new attention on Capitol Hill.
After months of drafting, landmark legislation will be
introduced before the August congressional recess to police real
estate appraisals nationwide. Sponsored by House Commerce, Consumer
and Monetary Affairs Subcommittee Chairman D. Douglas Barnard, Jr.
(D-Ga.), the bill will be the first federal attempt ever to force
appraisers in every state to conform to at least minimal professional
standards.
"The appraisal system today is lousy, to be blunt about it,"
said Peter Barash, staff director of Barnard's subcommittee. "If
appraisers don't come up with the `right numbers' for ...