Federal regulators have instructed Fannie Mae and Freddie Mac to implement a process for receiving complaints about suspected violations of the Home Valuation Code of Conduct -- more than a year after the controversial rules for appraisals were implemented. The government will not require that Fannie and Freddie fund an independent institute to investigate complaints about attempts by lenders to pressure appraisers or otherwise violate the appraisal rules, as Fannie and Freddie had promised to do in March 2008 agreements with New York Attorney General Andrew Cuomo.Instead of funding an Independent Valuation Protection Institute, Fannie and Freddie will provide a "targeted complaint process" using standardized complaint forms that can be submitted over the Internet. The complaint process is expected to be in place within the next few weeks.Cuomo was informed of the change in policy by Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), which place...
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