The Press Release:
Ms. Pamela Crowley announces that the IVPI Organization Committee submitted its Proposal to Attorney General Cuomo’s office; Fannie Mae, Freddie Mac, and OFHEO on March 19, 2008.
The Proposal creates an alternative to the current failed system. The Proposal provides significant improvements over the current ordering, processing, and review of appraisals. It establishes the “Vault” which will provide the ability to maintain the appraisal reports in an environment that is free from fraud and abuse. And it will provide a central location that Investors can access to verify authenticity an appraisal.
Mr. George W. Dodd, SRA and a spokesperson for the IVPI Proposal stated:
“The Federal mandate, born of the S&L calamity, was never realized in an independent
committee of broad jurisdictional authority. The American taxpayer was, and may well be
again, called upon to pay for the errors of the regulatory environment. Both the 1989 problem,
and the current crisis, would have never occurred if the Users of appraisal services demanded
the collateral be accurately represented.
The solution to the current crisis is to “reset” the appraisal processing system. Trying to resolve
these fundamental issues in bits and pieces will allow too many loopholes to remain for
unethical Participant to exploit the system. We must work together to restore American
Consumer and Investor Confidence that appraisals for the underlying collateral are creditable.
This endeavor will not be easy. There are many groups firmly entrenched in the current system
who may be hesitant to accept change. Participants have their own agenda, which is
understandable. But now is the time to put aside individual interests and focus on regaining
the confidence of the American Consumer and Investor.
To contribute to, and support, the original intent of FIRREA, there needs to be changes to the
process, and we need to focus on that. The proposal we offer today is unique in its approach.
Implementation will change the appraisal and ordering process to a system that promotes
honesty, impartiality, and professional competency, restoring confidence in the Industry.”
Mr. Dodd can be reached by email at:
GeorgeDodd@comcast.net or by phone at (804) 746-2270.
