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HVCC is now a FEDERAL POLICY?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by SmilingDog, Feb 20, 2009.

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  1. SmilingDog

    SmilingDog Member

    0
    Apr 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I wrote many congressmen, state senators, governor, assembly representatives, etc...

    Finally received one reply from a State Senate Rep.

    He states, "...I have no jurisdiction over the HVCC as it was previously considered by your federal leaders in Congress and the U.S. Senate and is now a federal policy."
    Since when did it become FEDERAL POLICY?

    Fannie Mae is not part of the Government... not directly. The HVCC was a paper drafted by Cuomo and accepted by Fannie Mae to stave off law suits. Congress never had anything to do with it AFAIK.
     
  2. Howard Klahr

    Howard Klahr Senior Member

    83
    Oct 4, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    What part of the government take over in Sept 2008 makes Fannie Mae not directly part of the government?
     
  3. Mike Kennedy

    Mike Kennedy Elite Member

    96
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    suggest Googling the Federal Housing Finance Agency which oversees both Fannie & Freddie.

    here ya go

    http://www.fhfa.gov/Default.aspx?Page=4

    "The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.

    In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD)"
     
  4. Gajope

    Gajope Junior Member

    0
    Jan 8, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    If he understood what the HVCC will do, he might think about trying to develop state regulations that put limitations/licensing on AMC's...Most likely he doesn't understand what the HVCC means and the danger it poses to borrowers in the fact that AMC's skim appraisal fees and influence appraisers just as much as any other appraiser client, if not more. He is wrong that he can't do anything. But of course that is a knee jerk reaction of someone who doesn't care, is ignorant or has ulterior motives.
     
  5. SmilingDog

    SmilingDog Member

    0
    Apr 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I thought:

    authorities necessary to oversee vital components of our country’s secondary mortgage

    meant that they would oversee it not take over entirely... my bad I guess.

    I think that the State Senate Rep. is probably too new and doesn't have a good understanding of the ramifications of the HVCC.
     
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