Representatives Childers (D-MS) and Miller (R-CA) introduced HR 3044 on June 26, which calls for an 18 month moratorium on HVCC (Home Valuation Code of Conduct)
http://www.mortgagenewsdaily.com/mortgage_rates/blog/87536.aspx
http://www.mortgagegrapevine.com/thread/?thread=567033
Petition: http://www.hvccpetition.com/
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HR3044: 18 month moratorium on HVCC
3 comments • Cheryl Johnson • June 27 2009 07:01PMComments
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Wow. That's pretty significant since they went out of their way to ram it through... I am going to be lurking to see where this conversation goes. :-)
I don't know that this will make a difference now that appraisers have gotten in the groove for giving low appraisals. It's like a horror movie: "Revenge of the Appraisers" They're getting everyone back for all the years they were "coerced" into providing high appraisals. Now, they will collectively bring prices down, down, down and, in the process pull so many people underwater it won't be funny.
Ken ... It may not make a difference ... But it certainly can't hurt if everyone is once again allowed to communicate with each other. To review comps or market trends or whatever.
A few weeks ago one of the agents had a transaction where the appraiser was two hours late for a 9:00 AM appointment --- no one dared call him to say "Get your A$$ out of bed!"