Released: October 31, 2009

Home appraisal system could be dustbin bound

Source: Kenneth R. Harney, Los Angeles Times (Free Registration)

Could the controversial appraisal system imposed nationwide by mortgage giants Fannie Mae and Freddie Mac in May—and now tied to lowball property valuations, busted home sale transactions and higher fees to consumers—be on its way out?

It just might be. Under a bipartisan amendment approved Oct. 22 by the House Financial Services Committee, the “Home Valuation Code of Conduct” would be terminated early in the existence of a proposed new Consumer Financial Protection Agency.

Read Full Article: Home appraisal system could be dustbin bound