HOME APPRAISAL SYSTEM COULD BE DUSTBIN-BOUND

HOME APPRAISAL SYSTEM COULD BE DUSTBIN-BOUND

THE NATION'S HOUSING  TODAY'S ISSUE OF THE WASHINGTON POST

By Kenneth R. Harney

"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."

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/29/AR2009102905139.html

"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 agencies. The valuation code, by contrast, was the product of a settlement among New York Attorney General Andrew M. Cuomo and representatives of Fannie Mae, Freddie Mac and the two quasi-private companies' regulator, the Federal Housing Finance Agency."

ARE YOU IN FAVOR OF AN EARLY TERMINATION OF THE CURRENT APPRAISAL SYSTEM?