1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Namb Hvcc Lawsuit - Copy Available

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Kennedy, Feb 23, 2009.

Thread Status:
Not open for further replies.
  1. Mike Kennedy

    Mike Kennedy Elite Member

    457
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    NAMB LAWSUIT ATTACHED SEE PDF - Thanks to Ken Rossman







    edit.... file too large. PM OR EMAIL me if you want a copy. m2:
     
  2. ghrousseau

    ghrousseau Member

    0
    May 5, 2006
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Mike,

    There is no announcement on their website? Do you have a press release?
     
  3. Mike Kennedy

    Mike Kennedy Elite Member

    457
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    PDF Copy of the actual suit.
     
  4. Carnivore

    Carnivore Elite Member
    Supporting Member

    43
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    You know, as much as I hate to admit it I think the NAMB is correct on this one.
     
  5. JRS at OBX

    JRS at OBX Elite Member

    10
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Me too. :shrug:
     
  6. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    #30)
    "When a consumer applies for a loan through a direct lender,the consumer is financially tied to that lender because when a lender orders an appraisal ,the lender owns the appraisal and can not transfer the appraisal to another lender without acting contrary to federal law and guidelines"


    What?!
     
  7. panappr

    panappr Senior Member

    17
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  8. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    #42 is also a nice use of USPAP.

    Now they understand we can't just change a name after how many years!

    WOW lots of reference to USPAP...........
     
  9. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    14
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    William,

    Spot on!

    Also:


    83. The Valuation Rule is not reasonably supported by any explanations or justifications, and FHFA has failed to offer any rational reasons for rejecting alternative approaches to ensuring appraiser independence. The Valuation Rule is arbitrary and capricious, an abuse of discretion, and otherwise not in accordance with law. As such, the Valuation Rule is invalid pursuant to 5 U.S.C. § 706(2)(A).

    84. The Valuation Rule exceeds the scope of the Director’s authority to interpret and promulgate regulations under sections 1313 and 1319G of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. Because the Valuation Rule exceeds the Director’s statutory jurisdiction, authority, and right, it is invalid pursuant to 5 U.S.C. § 706(2)(C).

    85. To the extent that it may be determined the Director possesses sufficient authority to promulgate the Valuation Rule, the Director’s sub-delegation of such authority to NY AG was improper and beyond the scope of the Director’s delegated authority, 12 U.S.C. § 4513(e). Accordingly, the Valuation Rule was promulgated in excess of the Director’s statutory jurisdiction, authority and right, and is invalid pursuant to 5 U.S.C. § 706(2)(C).
     
  10. panappr

    panappr Senior Member

    17
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    They are not just weighing in, they are actually doing something.
     
Thread Status:
Not open for further replies.

Share This Page