Will the HVCC ever see the light of day?

[Dale Smalley]

It would only ruin our new affordable housing program.

 

[Riick]

Federal Housing Finance Regulatory Reform Act of 2008

LINK: Federal Housing Finance Regulatory Reform Act of 2008 for any newer News.

This basically sets up new relief programs and new oversight for the GSEs.
If this gains traction (new oversight that is) I'd think HAVOC is dead.

The ACT (400 pages or so) does call for "no coercion of appraisers"
- but sets no $$$ penalties - after all why have enforcement?. LINK

HOWEVER - There is an amendment to it HERE -from » Senator Dodd-
which would mandate licensing for "mortgage originators".

---THE amendment <which apparently is considered minor> calls for $$ penalties for Originators who break the rules.
--- and also education (including ethics, can you believe), written test, CE, national database, fingerprinting, etc.

 

[Brad Ellis]

hovious,

First I think that Congresswoman will not be offering an amendment to the HVCC since it is not legislation (although if passed it could end with with that effect) She may be referring to legislation that has been passed in committee but that has yet to reach the floor of either house. Or maybe she is confuisng this HVCC with actual legislation.

Now on to the main question: will it happen?

I think not- or at least not in anything like its current form. There is just way too much blowback. Look at the published responses from the ABA, MBA, OTS, NAMB, etc. Tghen add to that 31,000 responses- basically against major provisions of it- from the a La Mode project and you have the makings of a real revolt.

Contrary to what some believe not all banks (or even many of them) are concerned about it all that much. They are concerned over being forced to further change their business models (which most have already done due to market forces), but there are some provisions that they like. Naturally, what banks like about it may not be at all what appraisers like about it.

I think what will ultimately come into play, even though this is not legislation, is that political forces will end up ruling. But, if what actually results is anything at all like what was originally proposed, I will be one very surprised fellow.

Brad

 

[Patrick Haley]

Quick Video from CNBC

Hey All,

Just saw this quick video on CNBC this morning thought you might want to see it!

http://www.cnbc.com/id/15840232?video=734374266

Pat,

 

[James R]

"Appraisers busier than ever"

brilliant reporting

 

[Alison Swain]

"Appraisers busier than ever"

brilliant reporting

Forsythe Appraisals --- Zaio.

Typical BS.

 

[Pittsburgh Pete]

Forsythe Appraisals --- Zaio.

Typical BS.

Et tu, Alison?

 

[GCJim]

Higher mortgage costs to the consumer???? Pfftttt!!!! they are worried about their bottom line, period. What they have been doing has cost billions. I bet those consumers are wishing they paid an extra $300 to $400 to have a second appraisal done, would have cost them a lot less in the long run.

Bingo! . The bottom line, methinks.