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  #1  
Old 03-05-2009, 12:51 PM
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SunbeltAppraisals SunbeltAppraisals is offline
 
Join Date: Aug 2007
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 152
Default lawsuit against over the controversial Home Valuation Code of Conduct (HVCC)

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
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  #2  
Old 03-05-2009, 04:26 PM
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Mr Rex Mr Rex is online now
 
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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
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  #3  
Old 03-05-2009, 05:24 PM
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George Hatch George Hatch is offline
 
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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  
Old 03-05-2009, 06:22 PM
Randolph Kinney Randolph Kinney is offline
 
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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  
Old 03-05-2009, 06:23 PM
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George Hatch George Hatch is offline
 
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Had they filed a year ago when all this came out they wouldn't be sweating a deadline.
  #6  
Old 03-06-2009, 11:16 AM
moh malekpour moh malekpour is offline
 
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Location: Southern California
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Another Johnny comes late of NAMB is that why they did not stop their MBís 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  
Old 03-06-2009, 11:22 AM
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Pittsburgh Pete Pittsburgh Pete is offline
 
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Quote:
Originally Posted by George Hatch View Post
Had they filed a year ago when all this came out they wouldn't be sweating a deadline.
It's the litigation equivalent of a 24-hour turn time!!!!!!
  #8  
Old 03-06-2009, 05:46 PM
flashwatch flashwatch is offline
 
Join Date: Feb 2009
State: Maryland
Professional Status: Banking/Mortgage Industry
Posts: 10
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Quote:
Originally Posted by George Hatch View Post
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.
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  
Old 03-06-2009, 05:54 PM
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Quote:
Originally Posted by flashwatch View Post
I and plenty of other MB never put a gun to anyones head to force a value.
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.
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  #10  
Old 03-06-2009, 06:10 PM
Randolph Kinney Randolph Kinney is offline
 
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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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