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lawsuit against over the controversial Home Valuation Code of Conduct (HVCC)

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by SunbeltAppraisals, Mar 5, 2009.

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  1. SunbeltAppraisals

    SunbeltAppraisals Sophomore Member

    0
    Aug 29, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Dear NAMB Member,
    On February 23, 2009, NAMB, with the support of Baker & Hostetler LLP, filed a lawsuit against the Federal Housing Finance Agency (FHFA) over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, New York Attorney General Andrew Cuomo, and GSEs Fannie Mae and Freddie Mac.
    For a copy of the lawsuit, please click here.
    The lawsuit argues that the HVCC is a "de facto" regulation and holds the FHFA in violation of the Administrative Procedures Act of 1992. The HVCC is arbitrary and capricious, contrary to the intent of Congress and in direct conflict with previously issued regulations, policies and guidelines regarding appraisal standards. NAMB strongly supports policy initiatives that seek to ban coercion of appraisers. However, NAMB believes it is critical for mortgage and real estate professionals to maintain an appropriate level of contact with appraisers to ensure appraisal quality and independence.
    NAMB has thus far upheld its commitment to prevent the HVCC from taking effect on May 1, 2009, but the fight does not end with the filed lawsuit. NAMB will increase legislative and regulatory efforts in opposition to the HVCC, provided that its members show support by donating to the Legal Action Legislative Fund. This fund exclusively supports HVCC prevention efforts made by NAMB, on behalf of you.
    Should the HVCC take effect, lenders will no longer accept any appraisal report completed by an appraiser selected, retained, or compensated in any manner by any third party including mortgage brokers.
    The time to fight this threat is NOW. NAMB urges you to prevent the HVCC from taking effect by making a $50 or more donation towards this fight to ensure your industry's survival.
    Please make a donation today to protect your profession!

    www.sunbeltappraisal.org
     
  2. Mr Rex

    Mr Rex Elite Member

    113
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    If I was going to contribute, as an appraiser it would be in ratio with what the MBs make compared to the appraiser, so maybe up to $5:new_smile-l:
     
  3. George Hatch

    George Hatch Elite Member

    81
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    That they're soliciting contributions shows that they don't have what it takes to go toe-to-toe with the GSEs and overcome their resistance to Cuomo's investigation. At this late date, the GSEs would seriously have to consider whether abrogation of the HVCC would put them in contractual breech with Cuomo's office. Rock and a hard spot, at best.
     
  4. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    52
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I am cynical. The plea for more money donation is all to common.

    If this were as life-threatening to MBs as it is made out to be, why has NAMB waited this long to file suit and now approach its membership for more money?
     
  5. George Hatch

    George Hatch Elite Member

    81
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    Had they filed a year ago when all this came out they wouldn't be sweating a deadline.
     
  6. moh malekpour

    moh malekpour Elite Member

    0
    May 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Another Johnny comes late of NAMB is that why they did not stop their MB’s coercion of appraisers a year ago and now they are supporting a policy to ban MBs to coerce appraisers? Sorry NAMB, it is just too late now and the damage has been done. You could send notes to your brokers and control them not to push appraiser a long time ago but you thought it was your god given right to get your deal closed by pushing appraisers to give you whatever you wanted.
     
  7. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    36
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    It's the litigation equivalent of a 24-hour turn time!!!!!!
     
  8. flashwatch

    flashwatch New Member

    0
    Feb 6, 2009
    Professional Status:
    Banking/Mortgage Industry
    State:
    Maryland
    We have what it takes to go toe-to-toe to the GSEs. They know Cuomo has them by the you know what--and they have to be subserviant
    Bad appraisers and bad MB need to be punished, not all MB. I and plenty of other MB never put a gun to anyones head to force a value. It would benefit all appraisers at this time to go to the NAMB website and support the cause. . . .
     
  9. Stone

    Stone Elite Member

    12
    Feb 1, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Wisconsin
    Weak.

    Where was NAMB when its members were doing plenty of other, non life-threatening actions?

    When more MBs own up to what much of their group did, and the tactics they used, then they will gain wider respect.

    So many appraisers are willing (properly) to jump on the bad ones. We beat each other up all the time over the appraisers' part in all of this. But, MBs love to just ignore their part. Hey, they never threatened anyone with death.:new_smile-l:
     
  10. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    52
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I see the HVCC in its current form as non-stoppable. Money spent on a lawsuit filed at this time is wasted. The time to act has past. Last year appraisers and MBs had more money from loan activity than today to support a lawsuit.

    The current administration is favoring more regulation and control. Last year may have had a more sympathetic administration to support the NAMB position.
     
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