Appraisal Code Suspended

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Bill Seeks to Suspend Appraisal Code

Source: realtor.org

"U.S. Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) have teamed up to champion a bill that would put a moratorium on the new Home Mortgage Valuation Code of Conduct.

HVCC is an agreement between Fannie Mae, Freddie Mac, and the New York State Attorney General that went into effect earlier this year with the aim of improving the accuracy of appraisals, although it's come under criticism in the real estate industry for causing its own problems.

Sponsors say an 18-month moratorium would allow time to work out problems with the Home Valuation Code of Conduct."

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I agree and I'm happy to see that instead of rushing into new legislation that isn't carefully thought out and could further hurt the economy a moratorium is being considered so the kinks can be worked out first.

- Christopher Mellen | Flag this comment for review

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