Mortgage bankers find fault with appraisal rules

Fannie, Freddie plan to implement new standards Jan. 1

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The Mortgage Bankers Association is calling on Fannie Mae and Freddie Mac to back out of agreements with New York Attorney General Andrew Cuomo that would create a code of conduct for home appraisals.

The agreements, also signed by federal regulators that oversee the government-sponsored enterprises, were intended to insulate appraisers from pressure to inflate home valuations.