Appraisal rules draw more fire

SAN DIEGO -- It's a message Realtors have heard before: Market conditions, not new rules for appraisals on loans slated for purchase or guarantee by Fannie Mae or Freddie Mac, are most often to blame when valuations come in at less than the agreed-upon sales price.

But after making that case at the National Association of Realtors' annual conference in San Diego, a panel of officials with Fannie, Freddie and their federal regulator were faced with a procession of frustrated agents and brokers who said the rules have had, and continue to have, unintended and serious consequences for their business.

For the most part, those who are responsible for implementing the code -- which could remain in place for almost a year -- stuck to their position that falling home prices, not the code, are largely to blame for problems Realtors perceive with the appraisal process.

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