Bill targets appraisal rules

Flickr photo by TheTruthAbout....

Pending legislation to create a Consumer Financial Protection Agency would give the new agency 60 days to implement uniform appraisal rules that would supersede the Home Valuation Code of Conduct -- controversial procedures governing appraisals when loans are slated for purchase by Fannie Mae and Freddie Mac.

An amendment attached to HR 3126, the Consumer Financial Protection Agency Act of 2009, would direct the agency -- if it's created -- to convene a rulemaking committee and establish uniform "appraisal independence requirements" across federal agencies.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.