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Bill targets appraisal rules

Agency would draft new requirements

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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.The rules would apply to all loans -- not just those slated for purchase by Fannie Mae and Freddie Mac -- and the Home Valuation Code of Conduct would be allowed to sunset once they were in place. The amendment -- one of a slew attached to the bill by the House Financial Services Committee in the process of approving it Thursday (see story) -- includes specific direction on what the new appraisal rules must and must not requ...