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  #1  
Old 01-19-2009, 11:58 AM
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Mike Kennedy Mike Kennedy is offline
 
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Default BANK REGULATORS call 4 HVCC Withdrawal

"Four of the five federal bank regulators have called for the withdrawal of the Home Valuation Code of Conduct and the Home Valuation Protection Program and Cooperation Agreements ....."

http://www.appraisalinstitute.org/an...9+&numbr=11/12
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Old 01-19-2009, 12:10 PM
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Quote:
Originally Posted by Mike Kennedy View Post
"Four of the five federal bank regulators have called for the withdrawal of the Home Valuation Code of Conduct and the Home Valuation Protection Program and Cooperation Agreements ....."

http://www.appraisalinstitute.org/an...9+&numbr=11/12
And yet it continues to move forward. I don't understand how almost every organization/lobby, except that of the AMC's, is against the HVCC and it still has a heart beat.

Does Cuomo have such nasty dirt on Fan and Fred that nothing will stop the HVCC?
  #3  
Old 01-19-2009, 12:26 PM
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Just wait until after tomorrow. The new administration will set things straight... no I'm not taking political sides... it's just that changes are coming, and I doubt the new administration will allow the HVCC to move forward and destroy more jobs and the fasbric of the American mortgage and appraisal industries.
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Old 01-19-2009, 12:27 PM
Dan Umstead Dan Umstead is offline
 
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Sounds like smarter minds have read the HVCC and understand the negative consequences.
  #5  
Old 01-19-2009, 12:37 PM
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Quote:
Originally Posted by Green Hornet View Post
....Does Cuomo have such nasty dirt on Fan and Fred that nothing will stop the HVCC?
Just what did you think he had on them.... that they signed on the dotted line?????
Submit to Blackmail because of a tendency to smell roses?
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  #6  
Old 01-19-2009, 01:09 PM
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Originally Posted by Riick View Post
Just what did you think he had on them.... that they signed on the dotted line?????
Submit to Blackmail because of a tendency to smell roses?
Riick,

True, they would not have signed had he not had some really bad stuff. That was before they failed. A lot has come out about them since the take over.

I thought that they had some dirty secrets and they were afraid of Cuomo lauching a more indepth investigation.

Usually the motivation to submit to blackmail is removed once everyone knows the dirty secrets. This indicates to me that there is more nasty stuff stewing in the bowels that is worse than what we now know.
  #7  
Old 01-19-2009, 01:36 PM
panappr panappr is offline
 
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The fact that they are not pursuing the investigation is hypocritical to the HVCC which has a mission to protect the public trust. If I embezzled millions of dollars and was able to stop the investigation and go free by plea bargaining, what does that say about Fannie Mae?. Fannie Mae has been the root of the problem all along, yet they are the dictator over our profession.
  #8  
Old 01-19-2009, 02:04 PM
texaskeith texaskeith is offline
 
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Independence comes with a price just like freedom. Neither are free and both take work. Unfortunately there are those who despise independence because it keeps the remote out of their hands. You want to know who is the problem, listen for the guy complaining out of one side of his face and winking with the other.
  #9  
Old 01-19-2009, 03:11 PM
Randolph Kinney Randolph Kinney is offline
 
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Quote:
... reduce the availability of mortgage credit to many consumers, and ultimately lead to less reliability and accuracy in real estate appraisals.”
So we know what is really important from the regulator's point of view is not impacting credit to the consumer. That might lead to a less reliability and accuracy in that AVMs and BPOs will be substituted.

Quote:
The regulators ... cited concerns of insufficient information collection and analysis and the fact that the Agencies’ rules already address the issues of appraiser independence and protection from coercion.
And that is very true, the existing laws and regulations already address the very same problem that the HVCC is supposedly solving. Since none of the existing structure prevented this mess from occurring or was enforced, why add more sugar coating to something that won't work for the same reasons?
  #10  
Old 01-19-2009, 03:34 PM
emad rayyan emad rayyan is offline
 
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That is really good news for us. I've never prayed so much in my life...
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