Fair FHA Appraisals Act of 2007 Introduced - "Blind Draw" Selection System

Ohio Congressman introduces "Fair FHA Appraisals Act" to ensure the American Dream of Home  Ownership   doesn't become a nightmare.  With a focus on bringing fairness to how the homes of millions  of Americans are valued, Congressman Charlie Wilson (OH-6) introduced his first bill as a member of the 110^th Congress, the “Fair FHA Appraisals Act of 2007.”

“The American dream of home ownership is in danger of turning into a nightmare for so many families,” said Congressman  Wilson. “Homes are being foreclosed at record rates, and that’s especially true in Ohio. Anything we can do to bring fairness to the system is a step in the right direction. This bill will provide much-needed relief to our hard-working families.”

The “Fair FHA Appraisals Act of 2007” takes two important steps to ensure homes insured under the FHA Single Family Mortgage  Insurance Program are accurately valued. Congressman Wilson’s bill:

• clearly outlines unacceptable practices that could be used in an attempt to influence an appraisal
• puts in place a “blind draw” system that randomly selects an appraiser to conduct the analysis, virtually eliminating direct contact with the requester and reducing the risk of influence-peddling.

The “Fair FHA Appraisals Act of 2007” is expected to be referred to the Housing and Community Opportunity Subcommittee of the House Committee on Financial Services. Congressman Wilson is a member of the House Committee on Financial Services.

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