Stephen J. Vertin MAI
Senior Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified General Appraiser
- State
- Illinois
This is a pretty interesting little bit of information:
House Committee to Examine Appraisals in Mortgage Fraud
During the 108th Congress, the House Financial Services Committee will examine the use of appraisals in connection with recent incidents of fraud in the housing and mortgage industry, according to the committee's oversight plan agreed to on February 5, 2003. The plan outlines the upcoming agenda for the House Financial Services Committee in the 108th Congress.
Specifically, per an amendment offered by Rep. Paul Kanjorski, D-Pa., and accepted by Chairman Michael Oxley, R-Ohio, “The Committee will examine the national and regional incidents of fraud in the housing and mortgage industry, its impact on the housing market and the affordability of mortgages, the response of federal and state regulators, private financial institutions, and government sponsored enterprises, and the use of appraisals in this type of fraud.”
While the Oversight Plan is a nonbinding document, Congressional hearings are likely and could focus on the appraisal aspects of mortgage fraud in the housing market, the affordability of mortgages, and the response of federal and state regulators.
"Homebuyers, consumers and the entire financial community have suffered too long at the hands of a pallid oversight board with a Keystone Cop approach to appraisal regulation and enforcement," said Don Kelly, Vice President of Public Affairs of the Appraisal Institute. "We are pleased to see the House Financial Services Committee will examine the complexities of the appraisal regulatory system. We are confident these hearings will result in recommendations that promote consumer protection and advance the professionalism of real estate appraisers."
House Committee to Examine Appraisals in Mortgage Fraud
During the 108th Congress, the House Financial Services Committee will examine the use of appraisals in connection with recent incidents of fraud in the housing and mortgage industry, according to the committee's oversight plan agreed to on February 5, 2003. The plan outlines the upcoming agenda for the House Financial Services Committee in the 108th Congress.
Specifically, per an amendment offered by Rep. Paul Kanjorski, D-Pa., and accepted by Chairman Michael Oxley, R-Ohio, “The Committee will examine the national and regional incidents of fraud in the housing and mortgage industry, its impact on the housing market and the affordability of mortgages, the response of federal and state regulators, private financial institutions, and government sponsored enterprises, and the use of appraisals in this type of fraud.”
While the Oversight Plan is a nonbinding document, Congressional hearings are likely and could focus on the appraisal aspects of mortgage fraud in the housing market, the affordability of mortgages, and the response of federal and state regulators.
"Homebuyers, consumers and the entire financial community have suffered too long at the hands of a pallid oversight board with a Keystone Cop approach to appraisal regulation and enforcement," said Don Kelly, Vice President of Public Affairs of the Appraisal Institute. "We are pleased to see the House Financial Services Committee will examine the complexities of the appraisal regulatory system. We are confident these hearings will result in recommendations that promote consumer protection and advance the professionalism of real estate appraisers."
