Will the HVCC ever see the light of day?

[hovious]

With all of the "new" ideas being thrown around, I am wondering, if Cuomo's HVCC will ever even come into play. The announcement today of a $300 billion housing rescue package (not yet finalized but appears close to being so) and with this package comes the potential for new regulators for Fannie and Freddie.

Also, the congresswoman/senator from North Carolina presenting amendments to the HVCC (this coming today as well)...

Just seems like this HVCC is going to run out of steam and fizzle or get crushed under the weight of more formal legislation. Just my opinion. Maybe I am/will be wrong but there does not seem to be too much support for this HVCC (at least from what I am seeing/reading/hearing). Anyone want to chime in with their thoughts?

 

[Ken B]

With all of the "new" ideas being thrown around, I am wondering, if Cuomo's HVCC will ever even come into play. The announcement today of a $300 billion housing rescue package (not yet finalized but appears close to being so) and with this package comes the potential for new regulators for Fannie and Freddie.

Also, the congresswoman/senator from North Carolina presenting amendments to the HVCC (this coming today as well)...

Just seems like this HVCC is going to run out of steam and fizzle or get crushed under the weight of more formal legislation. Just my opinion. Maybe I am/will be wrong but there does not seem to be too much support for this HVCC (at least from what I am seeing/reading/hearing). Anyone want to chime in with their thoughts?

Where are they going to get $300 billion to bail out...I mean "rescue"...people who should have never been given a loan to begin with? Oh yeah, out of your and my wallets.

 

[Diego Lopez]

I think some reforms will be made, but it's possible if not likely the HVCC will be significantly changed by the time it's implemented.

 

[Wayne Tomlinson]

There have been over 31,000 comments sent in and some of them are from really big hitters, like the present banking regulators and others.

I don't think that Mr Coumo is going to end up being the guru of the national appraisal industy as the HaVocc started out and is the proposal.

He didn't do such a great job when he was head of FHA, why is he so good now?

Wayne Tomlinson

 

[athome77]

Hovious,

I tried searching but had no luck. Where can I find the amendments to th hvcc by the congresswoman/senator from North Carolina?

Thanks

 

[tjcou812]

President Bush has said he will veto the bill when it gets to his desk, if its a burden to tax payers. I heard some news today that congress is amending some of the wording that was proposed so he won't veto it.

 

[PropertyEconomics]

Where are they going to get $300 billion to bail out...I mean "rescue"...people who should have never been given a loan to begin with? Oh yeah, out of your and my wallets.

Convert all the 30 year loans to 40 years, put all arrears payments on the end of the loan, have a 10 year call to refinance or pay off. Convert all arm products to fixed rates at face plus 2%. Crisis averted.

 

[Hamlet]

Your solution makes too much sense, PE. The banks want a bail out, they don't want responsibility for all those bad loans they made.

 

[panappr]

Here is the recent Dole Draft.pdf, it is also posted on Appraisal Scoop.

http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/files/Dole_draft.pdf

 

[Frederick]

Convert all the 30 year loans to 40 years, put all arrears payments on the end of the loan, have a 10 year call to refinance or pay off. Convert all arm products to fixed rates at face plus 2%. Crisis averted.

Bingo! Bingo!