To anyone who has had a home not appraise recently, the most likely reason is a hastily passed law that have mandated the use of appraisal management companies. This has resulted in higher costs & substandard appraisals. Originally designed to be a buffer between Banks & appraisal companies, it has actually turned out to be a profit center for the very banks that caused the issue in the first place!
Here is a call to action letter I received today:
HVCC Continues to devastate home values across the US. We fear that with higher Fannie and Freddie loan limits it will carry through to our former “jumbo” markets, leading the country even further into recession. As we’ve shared, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). H.R. 3044 now has over 54 co-sponsors and now is the time to forward our petition to every person you know and every representative in the country. Read some of the comments in the petition and you will soon understand the harmful nature of this horribly misguided code.
ThinkBigWorkSmall applauds the introduction of H.R. 3044 and would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue but it is not enough. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule. HVCC needs to be permanently reversed in order to restore lower costs to the consumer and to protect the thousands of real estate transactions stalled by this horribly misguided code.
Please sign and forward the following petition and forward to everyone you know and ask them to forward to their representatives:
www.hvccpetition.com
Once again, the Banks are receiving the spoils while the taxpayer are bearing the burden for failure.
The FDIC, whose funds are already being stretched, are guaranteeing massive amounts of money to banks that are buying the failed assets of their once competitors. As banks are being shut down by the feds, the FDIC is enticing the purchase buy guaranteeing 80% against any loss by the buying entity. According to today's Wall Street Journal:
"The FDIC, assuming its traditional role, brokered a sale of the bank's deposits to BB&T Corp., ensuring that customers wouldn't see any interruption. It also agreed to help BB&T buy a $15 billion portfolio of Colonial's loans and other assets by agreeing to absorb more than 80% of future losses. Under the deal, the most BB&T can lose is $500 million, the bank says, and that is only in the unlikely event that the entire portfolio becomes worthless. The FDIC is on the hook to cover the rest." In other words, we the taxpayer are putting OUR tax dollars on the line.We get to have all the risk of a majority shareholder, yet receive none of the benefits.
"The FDIC, assuming its traditional role, brokered a sale of the bank's deposits to BB&T Corp., ensuring that customers wouldn't see any interruption. It also agreed to help BB&T buy a $15 billion portfolio of Colonial's loans and other assets by agreeing to absorb more than 80% of future losses. Under the deal, the most BB&T can lose is $500 million, the bank says, and that is only in the unlikely event that the entire portfolio becomes worthless. The FDIC is on the hook to cover the rest."
In other words, we the taxpayer are putting OUR tax dollars on the line.We get to have all the risk of a majority shareholder, yet receive none of the benefits.
Read the whole story here:
http://online.wsj.com/article/SB125166830374670517.html
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