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Senate Passes Housing Bill--Does it have the Dodd Bond?

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Elliott

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Certified General Appraiser
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Oregon
http://online.wsj.com/article/SB121708547549587447.html?mod=googlenews_wsj

WASHINGTON -- U.S. Senate lawmakers on Saturday overwhelmingly passed a broad package of housing legislation, hoping to send a calming message to financial markets and voters amid the ongoing deterioration of the housing market and a growing number of bank failures.

Meeting in a rare weekend session, the Senate voted 72-13 in favor of the bill, which includes tax breaks for homeowners, a $300 billion program to refinance loans for struggling borrowers, and a dramatic rescue plan for embattled mortgage finance firms Fannie Mae and Freddie Mac. Other provisions include an increase in the federal debt limit to $10.6 trillion and long-sought reforms to the Federal Housing Administration.
 

Doug Wegener

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Professional Status
Certified Residential Appraiser
State
Oregon
I wonder if fnm will continue to go down.
 

Michael Tipton

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Florida
http://www.house.gov/apps/list/press/financialsvcs_dem/hr3221_bill_text.pdf


Link to summary of the bill.

http://banking.senate.gov/public/_files/UpdateHousingandEconomicRecoveryActSummary3.pdf


One of the bill's provisions addresses felons as mortgage originators.

IV. Mortgage Broker and Originator Licensing​
The “Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) creates
greater accountability and transparency by establishing a uniform licensing and registration
system for all loan originators, including mortgage brokers and loan officers. Under this
provision, all loan originators at federally-regulated institutions will have to be registered
through the nationwide system, and all other loan originators will be required to be licensed by
the State or through a HUD-backup system if a state does not establish a licensing system. To
meet the requirements under this provision, within 12 months, states will have to develop
licensing requirements to ensure that applicants meet minimum standards including educational
requirements, background checks, and testing. If a state does not establish a licensing system
that meets the minimum requirements, HUD is directed to establish a licensing system for loan
originators in the state. Under this provision, borrowers and lending institutions will be able to
access information about all loan originators, including their background and history as a loan
originator.
 
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Elliott

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Elite Member
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Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Ha Ha, MBs have to be licensed and put up with the state.
I wonder if their training will include a provision that it
is unethical and a violation of licensing if they ask for
comp checks or in other ways attempt to influence the
selection of appraisers or the appraisal process??
 

David Dyal

Freshman Member
Joined
Jan 28, 2005
Professional Status
Certified General Appraiser
State
Florida
Dodd Bond

I went through the 700 pages quickly, but found no mention of a bond for appraisers. found one for mortgage originators. Anyone else find anything?:)
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
http://online.wsj.com/article/SB121708547549587447.html?mod=googlenews_wsj

WASHINGTON -- U.S. Senate lawmakers on Saturday overwhelmingly passed a broad package of housing legislation, hoping to send a calming message to financial markets and voters amid the ongoing deterioration of the housing market and a growing number of bank failures.

Meeting in a rare weekend session, the Senate voted 72-13 in favor of the bill, which includes tax breaks for homeowners, a $300 billion program to refinance loans for struggling borrowers, and a dramatic rescue plan for embattled mortgage finance firms Fannie Mae and Freddie Mac. Other provisions include an increase in the federal debt limit to $10.6 trillion and long-sought reforms to the Federal Housing Administration.

To late for these guys..




FDIC takes over 2 more banks, closing 28 branches


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Jul 26, 6:41 AM (ET)

By BRENDAN RILEY

(AP) A bank employee posts a notice that 1st National Bank of Nevada is in FDIC receivership on Friday,...
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CARSON CITY, Nev. (AP) - The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.

The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.

The FDIC said the takeover of the failed banks was the least costly resolution and all depositors - including those with funds in excess of FDIC insurance limits - will switch to Mutual of Omaha with "the full amount of their deposits."

The FDIC also said accountholders can access their funds during the weekend by writing checks or using ATM or debit cards.


(AP) Carson City Sheriff's detective David LeGros locks the door at 1st National Bank of Nevada on...
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As of June 30, the closed banks had total assets of $3.6 billion. That's down from $4.1 billion six months earlier. Most of the assets are in 1st National while First Heritage accounts for $254 million.

Calls to 1st National were referred by a receptionist to Joe Martony, an executive vice president in Scottsdale, Ariz. Martony didn't return repeated calls to his office.

In Nevada, 1st National has 10 branches and employs about 350 people. Five of its branches are in Las Vegas, three are in the Reno-Sparks area, one is in Carson City and one is in Laughlin. Notices of the closure were being posted late Friday.

Fifteen 1st National branches are in Arizona, while Newport Beach-based First Heritage has three branches in Southern California.

Bill Uffelman of the Nevada Bankers Association said Friday the FDIC action "is a reflection of the times for the banks. It's a poor economy."

Uffelman cautioned against the sort of consumer concern that prompted many customers of IndyMac Bank branches to wait for hours in line to withdraw funds across Southern California last week after that bank was seized by federal regulators. All FDIC-insured bank deposits are guaranteed by the FDIC up to $100,000, he noted.

Gov. Jim Gibbons said the bank takeover will be closely monitored in Nevada "to ensure there's minimal disruption to business and that employees' jobs are protected as much as possible."

Arizona Gov. Janet Napolitano spokeswoman Shilo Mitchell said in a statement that the FDIC's takeover of 1st National is not indicative of the overall banking climate in Arizona.

"It's very important that Arizonans know that their deposits are secure," said Felecia Rotellini, superintendent of Arizona Department of Financial Institutions. "They are well-managed and the 1st National Bank of Arizona issues should not cause any panic in Arizona."
 

Carnivore

Elite Member
Supporting Member
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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Page 423 starts the mortgage licensing requirements.

This pretty good for us:

‘‘(g) APPRAISAL INDEPENDENCE.—

7 ‘‘(1) PROHIBITIONS ON INTERESTED PARTIES

8 IN A REAL ESTATE TRANSACTION.—No mortgage

9 lender, mortgage broker, mortgage banker, real es10
tate broker, appraisal management company, em11
ployee of an appraisal management company, nor

12 any other person with an interest in a real estate

13 transaction involving an appraisal in connection with

14 a mortgage insured under this section shall improp15
erly influence, or attempt to improperly influence,

16 through coercion, extortion, collusion, compensation,

17 instruction, inducement, intimidation, nonpayment

18 for services rendered, or bribery, the development,

19 reporting, result, or review of a real estate appraisal

20 sought in connection with the mortgage.

21 ‘‘(2) CIVIL MONETARY PENALTIES.—The Sec22
 
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Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Page 422.

SEC. 1404. REVISED STANDARDS FOR FHA APPRAISERS.

Section 202(e) of the National Housing Act (12U.S.C. 1708(e)) is amended by adding at the end the following:

‘‘(5) ADDITIONAL APPRAISER STANDARDS.—

Beginning on the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, any appraiser chosen or approved to conduct appraisals for mortgages under this title shall—

‘‘(A) be certified—
‘‘(i) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization; and
‘‘(B) have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection.’’.
 
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Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Uh Oh I'm out of business..Finally I can do something else...
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Oh , wait a minute all I have to do is pay graft money to the appraisal institute , a weasel clause..see below..

) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization;
 
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