Mortgage Bankers Begin Bellyaching Over Appraisal Code Of Conduct Agreed To By Fannie, Freddie In Settlement With NY AG

DS News.com reports:

• An agreement to establish a standard Code for home appraisals, which was recently proposed by the Office of Federal Housing Enterprise Oversight (OFHEO), the New York Attorney General's Office and Freddie Mac and Fannie Mae, is now drawing criticism from the Mortgage Bankers Association (MBA). The MBA sent a letter to OFHEO's director and to the leaders of Fannie Mae and Freddie Mac this week, saying the proposed Home Valuation Code of Conduct “must be modified to reflect MBA's concerns for safety and soundness, as well as operational and procedural complications.” The MBA urged OFHEO to reconsider provisions laid out in the proposed code and consider some of the procedural risks that could be created if the code is implemented “as is.”

For more, see MBA Not Happy with OFHEO's Proposed Appraisal Code.

Go here for other posts on the now-terminated investigation by New York Attorney General Andrew Cuomo of Fannie Mae and Freddie Mac that resulted in Fannie & Freddie agreeing to adopt the NY AG's appraisal code of conduct (effective 1/1/2009; agreed to as part of a settlement agreement between the NY AG and Fannie/Freddie to avoid a possible lawsuit and to end the NY AG investigation).