Las Vegas real estate, mortgage, appraisal blog

You know it's bad when entire states are giving you a vote of "No Confidence". Appraisers have been, on average, a bit up in arms about the HVCC ever since it was proposed. Alabama's reasons not only echo those of appraisers in Alabama, but appraisers all over the country.

• The HVCC will likely result in more unreliable appraisals being used by Government Sponsored Enterprises (GSE's) to determine the value of collateral for mortgage loans.
• The HVCC has no authority to penalize those individuals who attempt to improperly influence appraisers.
• The HVCC does nothing to criminalize the improper influence of appraisers or the appraisal process.
• The HVCC could undermine legitimate, ongoing efforts in Congress to pass meaningful legislation, which would criminalize the improper influence of appraisers.
• The HVCC gives shareholders in Fannie Mae and Freddie Mac false hope that collateral for mortgages is being properly valuated.
• The HVCC gives U.S. taxpayers a false sense of security that its GSE's have taken all meaningful steps to address valuation concerns related to the current mortgage meltdown.
• The HVCC gives individuals taking out a conventional mortgage a false sense of security that their house is being properly appraised.

The more people are looking into the HVCC the less it looks like it is going to accomplish its intent. There was a call today (noon EDT) to address issues. We look forward to seeing what the result of these votes and calls are.