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  #1  
Old 02-23-2009, 04:03 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
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Exclamation Namb Hvcc Lawsuit - Copy Available

NAMB LAWSUIT ATTACHED SEE PDF - Thanks to Ken Rossman







edit.... file too large. PM OR EMAIL me if you want a copy.
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  #2  
Old 02-23-2009, 04:11 PM
ghrousseau ghrousseau is offline
 
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Quote:
Originally Posted by Mike Kennedy View Post
NAMB LAWSUIT ATTACHED SEE PDF - Thanks to Ken Rossman







edit.... file too large. PM OR EMAIL me if you want a copy.
Mike,

There is no announcement on their website? Do you have a press release?
  #3  
Old 02-23-2009, 04:21 PM
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PDF Copy of the actual suit.
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  #4  
Old 02-23-2009, 04:24 PM
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Carnivore Carnivore is offline
 
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You know, as much as I hate to admit it I think the NAMB is correct on this one.
  #5  
Old 02-23-2009, 04:26 PM
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You know, as much as I hate to admit it I think the NAMB is correct on this one.
Me too.
  #6  
Old 02-23-2009, 04:43 PM
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William K William K is offline
 
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#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?!
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  #7  
Old 02-23-2009, 04:48 PM
panappr panappr is offline
 
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NAMB - Home
  #8  
Old 02-23-2009, 04:52 PM
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#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...........
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Appraisers need to learn to say the word, "NO". The word "NO", saves money and aggravation!
  #9  
Old 02-23-2009, 05:09 PM
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Tawfik Ahdab Tawfik Ahdab is offline
 
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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  
Old 02-23-2009, 05:13 PM
panappr panappr is offline
 
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