HR 3044: To Impose 18-month Moratorium on HVCC (!!!!!!!!)

H.R. 3044: To impost an 18-month moratorium on the Home Valuation Code of Conduct

…from NAMB

McLean, VA – June 26, 2009 – Last night, RepresentativesrnChilders (D-MS) and Miller (R-CA) introduced legislation calling for an 18rnmonth moratorium on the Home Valuation Code of Conduct (HVCC). The NationalrnAssociation of Mortgage Brokers (NAMB) applauds the introduction of H.R. 3044.rnNAMB would like to thank Representative Childers (D-MS) and RepresentativernMiller (R-CA) for their continued efforts and leadership on this issue.

“The introduction of this legislation is a victory forrnconsumers and members of the industry alike,” said NAMB President Marc Savitt,rnCRMS. “We thank Congress for recognizing the need to address the issue ofrnappraiser coercion without causing undue harm to borrowers or diminishingrncompetition in the marketplace.”

NAMB has taken an active stance against the HVCC since itsrnintroduction in March of 2008. “We urge Congress to pass H.R. 3044 as soon asrnpossible to ensure that more borrowers will not be negatively impacted by thisrnde facto rule,” stated Savitt. “In the period of time since its implementation,rnthe HVCC has increased costs to consumers and decreased the quality ofrnappraisals and has provided a level of uncertainty in an ailing housing market.rnTens of thousands of consumers have already been robbed of their opportunity tornenjoy historically low rates by Attorney General Andrew Cuomo's rule.”

NAMB looks forward to working with Members of Congress asrnthis legislation progresses.

###

The National Association of Mortgage Brokers is the voice ofrnthe mortgage broker industry, representing the interests of mortgage brokersrnand homebuyers since 1973. The Association is committed to promoting thernhighest degree of professionalism and ethical standards for its members. Inrnaddition to mandating members adhere to a professional code of ethics, NAMBrnprovides mortgage brokers with professional education opportunities, and offersrnrigorous certification programs to recognize members with the highest levels ofrnprofessional knowledge and education.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.