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Senate Bill 2155 - Amending Firrea

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Dale Floyd

Junior Member
Gold Supporting Member
Joined
Apr 14, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
The Committee on Banking, Housing, and Urban Affairs have introduced a bill that modifies several things pertaining to banking and finance.

One interesting proposed change involves section 103, which will amend FIRREA and impact every rural appraiser in America. Probably a good time to pull out the pen and paper again. This is Mike Crapo's Bill, and is co-endorsed (unfortunately) by Bob Corker of my state.

The amendment will give rural banks an exemption in requiring appraisals for transactions less than $400,000, or if they have few appraisers in the area.

Here is the bill - Go to section 103.

https://www.congress.gov/bill/115th-congress/senate-bill/2155/text#toc-idB6226E21BBDA46C58901E262C5A98C54
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
o less than 3 appraisers don’t accept the assignment.
We have this appraisal in Boise City, OK and we want to pay you $150...We know the town is dying and has lost population for decades and you live in Guymon, 60 miles away and only 32 homes have sold in the past three years in the entire county....Oh, well, we'll just pretend we know it is worth $100/SF.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
You guys wanted this...sit back and watch the stripping away appraisal requirements ( or any requirements that offer protection ),... as the saying goes, be careful what you wish for.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
You guys wanted this...sit back and watch the stripping away appraisal requirements ( or any requirements that offer protection ),... as the saying goes, be careful what you wish for.
Nope. You guys wanted this.

Just do what they tell you and make it work.

Keep feeding the beast and blame everyone else.

.
 

James Morris

Sophomore Member
Joined
Jul 27, 2006
Professional Status
Banking/Mortgage Industry
State
Michigan
Nope. You guys wanted this.

Just do what they tell you and make it work.

Keep feeding the beast and blame everyone else.

.

Seems like one way you "make it work" and the other way, if you are a rural appraiser, you may be out of business altogether. It's an existential thing.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
I watching this financial fiasco unfold; it's currently just in slow motion. When it actually flowers, things will change overnight. When the proverbial doo-doo hits the fan this time, I think it's going to hurt long enough, and bad enough that our "betters" will start fresh, with controls and regs that actually have teeth, and (wo knows?) might actually be enforced -for 10-15 years. Think 1933-1942.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I watching this financial fiasco unfold; it's currently just in slow motion. When it actually flowers, things will change overnight. When the proverbial doo-doo hits the fan this time, I think it's going to hurt long enough, and bad enough that our "betters" will start fresh, with controls and regs that actually have teeth, and (wo knows?) might actually be enforced -for 10-15 years. Think 1933-1942.
I really wouldn't cite 1933 -1942 as a time of virtuous regulation of housing policy.....it was during that time period that the FHA drafted the original redline maps and prohibiting loans in undesirable (i.e. minority) neighborhoods. Plus the financial regulations of the 1930's did absolutely zero to fix the economy....what pulled the US out of the depression and re-energized the US economy (and banks) was the re-militarization of Europe and WW II as that put everyone back to work making weapons to first sell to England and France and then to also supply the Soviets and the US military. Directly after WWII, the US economy was bound to be the world's most successful economy no matter what as the manufacturing capacity of all of out potential competitors had been pretty much completely destroyed.
 
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