consumer finance protection agency: Fannie and Freddie's Home Valuation Code of Conduct on the way out? - 11/02/09 04:13 AM
Saturday's Washington Post published an interesting article about Fannie and Freddie's Home Valuation Code of Conduct.
Apparently the House Financial Services committee approved an amendment on October 22 that would eliminate the code with the creation of a new Consumer Financial Protection Agency.
The code, as it exists today, was a compromise between NY Attorney General Andrew Cuomo and Fannie and Freddie and their regulatory agency the Federal Housing Finance Agency. Cuomo was investigaing the two pseudo-governmental agencies appraisal practices. Lenders putting pressure on appraisers to quote the right numbers and inflating home values to make deals happen was being reported … (0 comments)