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Obama stops HVCC?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Todd Ruhl, Jan 20, 2009.

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  1. Todd Ruhl

    Todd Ruhl Sophomore Member

    0
    Oct 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Hot off the press:

    SAN FRANCISCO -- President Barack Obama's administration asked all federal agencies and departments to stop any pending regulatory changes until a review can be conducted, Reuters reported Tuesday. A memorandum, signed by White House Chief of Staff Rahm Emanuel, was sent to agencies and departments to stop all pending regulations until a legal and policy review can be conducted by the new administration, the news agency said.

    So, would the HVCC be considered a "pending regulatory change"?
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    83
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Yes, I would think it does include the new regulatory structure for the GSEs and any agreements that are to be instituted.
     
  3. TJSum

    TJSum Elite Member

    4
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Is Fannie Mae or Freddie Mac considered a Federal Agency or Department?

    Is Cuomo running a Federal Agency?

    Maybe with the recent bailouts and take over of Fannie and Freddie they could be now considered "Federal Agencies" but it the past they were always considered more private than public entities.

    It will be interesting to see, lets sure hope some sanity comes in to save the day...
     
  4. acero97989

    acero97989 Sophomore Member

    0
    Dec 6, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    I keep hearing the same rumor that one of Obama's family member is a appraiser?? I wonder if there is true to that rumor.......
     
  5. c w d

    c w d Senior Member

    0
    Oct 2, 2006
    Professional Status:
    General Public
    State:
    Florida
    No, they're pseudo private corporations. The HVCC most likely, imo, falls under procedure not regulation.
     
  6. JSmith43

    JSmith43 Elite Member

    18
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
    The Supreme Court decided to take up an appeal of the 2nd District Court of Appeals decision that basically affirmed Federally regulated banks can ignore state rules.

    http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011604463.html

    Regarding the GSE's, they may have been private entities operating under a government charter before their takeover by the feds, but what, really, are they now, other than federal entities?
     
  7. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    Blags wife (Gov of Illinois) is an appraiser. I think that is the appraiser tie to Obama.
     
  8. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    FHFA is a government agency and they are the implementing arm of the HVCC .. Im sure they would fall under the stand down issued by the Obama Admin today.
     
  9. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    My understanding is before they were under the OHFEO, however since being taken over by the feds and the reorganization due to the passing of the Housing and Economic Recovery Act that they now fall under the FHFA which is a Federal Agency and as such subject to the above memorandum from Obama. It has been tossed around that the HVCC would probably never see the light of day when the new administration took over. It was one thing when Coumo and Fannie/Freddie were developing this HVCC before they were taken over, however I think they have been trying to get this implemented kind of behind the scenes and now that probably won't happen thankfully, especially with the news that 4 of 5 banking regulators don't want it implemented either.
     
  10. emad rayyan

    emad rayyan New Member

    0
    Nov 1, 2006
    Professional Status:
    Licensed Appraiser
    State:
    California
    Blagojevichs wife is a realtor and her brother is the appraiser...But i'm not sure if he indeed included the HVCCrap to be on hold.
     
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