Kevin A. Spellman
Senior Member
- Joined
- Aug 30, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
This was sent to me from the MBREA a private appraisal organization here in MA.
An interagency effort by Federal banking regulators to have the Code of Conduct withdrawn by the Office of Federal Housing Enterprise Oversight is spelled out in a letter dated June 19, 2008.
The Office of the Comptroller of the Currency, The Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the National Credit Union Administration jointly signed a 5 page letter addressed to James Lockhart, III, Director of OFHEO. In the letter the agencies elaborate on their concerns about the consequences of the Code and, in the final paragraph, state, "We strongly encourage that the Agreements and the Code be withdrawn."
A final decision about the future of the Code will be announced sometime in the future. The good news is that pressure from key players to scrap the deal keeps mounting. MBREA will provide updates as they become available.
An interagency effort by Federal banking regulators to have the Code of Conduct withdrawn by the Office of Federal Housing Enterprise Oversight is spelled out in a letter dated June 19, 2008.
The Office of the Comptroller of the Currency, The Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the National Credit Union Administration jointly signed a 5 page letter addressed to James Lockhart, III, Director of OFHEO. In the letter the agencies elaborate on their concerns about the consequences of the Code and, in the final paragraph, state, "We strongly encourage that the Agreements and the Code be withdrawn."
A final decision about the future of the Code will be announced sometime in the future. The good news is that pressure from key players to scrap the deal keeps mounting. MBREA will provide updates as they become available.