Monday, February 23, 2009

NAMB Files Lawsuit Over Controversial HVCC

Back in January we discussed the Home Valuation Code of Conduct (HVCC) in THIS POST. Additional information about opposition to the HVCC from Federal Bank Regulators was provided HERE.

Now, we provide this release from the National Association of Mortgage Brokers:

The Home Valuation Code of Conduct Severely Limits Market Competition


McLean, VA – The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo.


“The HVCC does nothing but drive up costs for consumers and push small businesses out of the market,” said NAMB President, Marc Savitt. “The HVCC will drastically reduce the ability of mortgage brokers to provide consumers with an efficient and cost-effective means of obtaining a mortgage.”


Copy of the suit - CLICK HERE (23 pages, pdf)

THANKS to the National Association of Mortgage Brokers for stepping up to the plate and taking action!

Litigation is expensive. You can make a contribution to their efforts to fight the Home Valuation Code of Conduct by visiting their website and making a CONTRIBUTION.

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