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May 23, 2008
New Effort to Block GSE Appraisal Pact
The banking industry is pushing for the inclusion of an amendment from Sen. Elizabeth Dole, D-N.C., that would require federal regulators to set new appraisal standards as part of legislation to beef up oversight of Fannie Mae and Freddie Mac and permit the FHA to insure mortgages with balances exceeding home values. The amendment would eliminate an appraisal agreement that New York Attorney General Andrew Cuomo forged with Fannie Mae and Freddie Mac compelling lenders and brokers to use outside appraisers if they want to sell loans to the government-sponsored enterprises (GSEs).
Posted by S. Germain at May 23, 2008 07:47 AM