NAR Calls on Its State Presidents to Support HVCC Moratorium
I am glad to see that NAR is asking for a moratorium on HVCC. This knee-jerk regulation is poorly crafted and has held the market back by killing deals with incompetent appraisers, greedy AMC’s, and overdone regulations. Should all appraisals be performed by competent, ethical appraisers with proper guidelines? Of course. Appraisal ethics has always been a hot potato and the lack of ethics in the past has caused a lot of the pain today.
But that does not excuse this overbearing piece of legislation.
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On July 27, 2009, NAR held a Webinar with State REALTORS Association Executives and Government Affairs Directors to discuss steps states may take to address concerns with the Home Valuation Code of Conduct (HVCC). In the Webinar, state presidents were asked to contact their respective Attorney General’s (AG) office asking that the National Association of Attorneys General (NAAG) support a moratorium on HVCC. State presidents were also asked to write their real estate commission to call on the House Financial Services Committee Chair, Barney Frank, to hold hearings on the Home Valuation Code of Conduct and its impact on the real estate industry.
NAR has been very active in calling for a moratorium on HVCC. In June, NAR reiterated calls for a moratorium on HVCC in a letter to New York Attorney General Cuomo and Federal Housing Finance Agency(FHFA) Director James Lockhart. NAR President Charles McMillan followed up the letter in meetings with the New York Attorney General’s office, FHFA Director Lockhart, and Fannie Mae earlier this month. We also support HR 3044, which calls for an 18-month moratorium on HVCC.
