Guess what got put under the Christmas Tree? HVCC in the news

[Elliott]

I was listening to a SF radio station last night and heard a news
blip that sounded like the spin was, "appraisers were inflating
values, so now they have to agree to a 6 page agreement."
He who writes the press release gets to spin it.


http://www.housingwire.com/2008/12/24/a-kindler-gentler-appraisal-reform/

HVCC as a pdf

http://www.ofheo.gov/media/news releases/HVCCFinalCODE122308.pdf

Announcement

http://www.fhfa.gov/webfiles/277/HVCC122308.pdf

 

[Terrel L. Shields]

When car companies are suffering losses, its always the same banter. It's their own fault because they are not building quality cars...which isn't supported by the various quality testing agencies. But it is said enough that many, if not most, people believe it.

If the AVMs and BPOer's can keep up the mantra that "appraisers ARE the problem" then eventually the public believes that to be true and guess who suffers? The public who gets inaccurate valuations, and appraisers displaced by AVMs

 

[panappr]

Just read this in the Jobs Available section.

"We require 24 hour turn times on all reports. Only apply if you are able to meet this time constraint."

I see huge problems going forward.

 

[Elliott]

Not that I'd want to be off topic. My Jeep Grand Cherokee has 125K miles
and I've done nothing but change the oil and done the other regular fluid
changes, changed a few air filters, and the serpentine belt (only because it
hit 100K miles). I'm aiming for 200K miles. I've had BMWs and I'd probably
buy a Chevy Malibu if I had to choose between the two. Nothing wrong with
American cars, Toyota is having a hard time selling them too in this market.

 

[panappr]

I loved my BMW, but after 100K it got real pricey. I've got 125K on an Acura and that will be my next choice. Also will hit 200K with ease.

 

[Carnivore]

I have a 2000 Jeep Grand Cherokee with 167,000 miles and going strong. My son uses it for college and screwin off. Its his car, Dad, keeps it up. Very good car, oil and filter and occasional air filter and brakes.

I also have a 2004 RX330. I love it. I have 71,000 on it and it is so low maintenance and drives like a dream 22-24 mpg intown. Go to the beach and It gets 28-30mpg at 70mph.

I dont like american makes because I can not stand dealing with the sales people and dealerships. I really think this is where there biggest problems are in selling cars.

 

[AJL118]

I've had several Jeeps over the years - never bought one new. Most were the old AMCs with Bosch wiring harnesses. It was a 50-50 bet if you would return to your original starting point. There is an old saying about what the acronym JEEP stands for. It means "JUST EMPTY EVERY POCKET".

 

[Metamorphic]

Where's the stick in all of that? I see where they're putting a lot of demands on lenders but I dont see what kind of trouble they get in if they fail to comply.

 

[Elliott]

Met,
The first comp check I get, I'll notify the fed types and see what they do.
I've been keeping a FHA 'comp check' list from MBs who say, "You won't
do a comp check, huh, then I'll find someone who will, bye."

 

[Restrain]

We're getting inqueries re loans being held internally, etc from other appraisers. Since this only applies to F/F purchased loans, of course this doesn't affect non-conforming loans, internal loans, etc.

That being said....I'll bet you dollars to donuts that the other regulators put this in place for other loans as well before the end of the year.