Dennis Norman
By:Dennis Norman
May1st the new Home Valuation Code of Conduct (HVCC) went into effect with regard to appraisals and the controversy over it began.
Appraisers don’t like it,agents are complaining they are losing sales (which are scarce enough in this market already) as a result of it and lenders are complaining as well.
This past week Charles McMillan,the President of the National Association of REALTORS(R) sent a letter to New York Attorney General Andrew Cuomo and Federal Housing Finance Board Director James Lockhart asking for an 18 month moratorium to allow time to fully explore the pros and cons of HVCC.
Yesterday Representatives Travis Childers and Gary Miller introduce H.R. 3044,a bill which would impose an 18 month moratorium on HVCC. It’s too early to know if this bill will have the support necessary to carry it through congress and find it’s way to the desk of President Obama…
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In reality it is far too late to do anything about HVCC. The damage was done by late Fall of 2008. By late 2008 HVCC had already turned appraising into a nonprofit business. The majority of the remaining appraisers are so new and so green that they have yet to realize that they are either working for free or worse yet,paying to say they are appraisers.
HVCC was the result of one truly greedy individual who shall remain nameless. Hopefully New York state still has the death penalty.
Andrew Cuomo forced Fannie to take subprime mortgages and look what happenned. Now he,an attorney general of a state,is forcing Fannie,the federal government,to use unprofessional AMC’s to order appraisals by using the fastest and cheapest Appraiser. Why is a state Attorney general governing the Fed??? SO Cuomo is forcing Fannie to take mortgages with cheap,unqualified Appraisals. Cuomo is not the man to be guiding fannie,he is responsible for the subprime crash. You can see the next housing crash in sight. Get Rid of the HVCC,it is gasoline on the fire! Thanks Cuomo!!!