UPDATE/CORRECTION 6/26/2008: There's some confusion on the status of these amendments and bills!! Please read the comments section of this post for updates by the author and others as we track this story. Appraisal Scoop has also added a new chart (click here) on activity through 6/25/2008).
According to Bill McKnight of Appraisal Ace on June 25, 2008:
H.R. 3221 - Foreclosure Prevention Act of 2008 passed with amendment S. Amdt. 4984 by Elizabeth Dole that orders the director of OFHEO to review appraiser requirements in the HVCC and that "the Director shall ensure that the regulation is consistent with appraisal regulations and guidelines issued by the Federal banking agencies (as that term is defined in section 3(z) of the Federal Deposit Insurance Act) and the National Credit Union Administration, including regulations and guidelines related to the independence and accuracy of appraisals, and do not conflict with any other banking regulations.
The H.R. 3221 bill may now proceed to a conference committee of senators and representatives to work out differences in the versions of the bill each chamber approved. The bill then goes to the President before becoming law. [Last Updated: Jun 24, 2008]
Bill says, "So, basically, the final form of the HVCC must comply with regulations already in place, many of which the HVCC, as presented on March 3rd, was in conflict."
McKnight spoke today with legislative aide Caylyn Wright, at the Sacramento Association of Realtors. Ms. Wright, on McKnight's behalf, called a National Association of Realtor legislative aide, who agreed the above bill as amended may address our concerns with the HVCC and does not have the appraiser bonding issue in it that S 2452.
Ms. Wright's opinion was that since Congress passed the House version of the bill, the Senate version (S 2452) will likely not be considered in this session of Congress. Mr. McKnight talked to several other individuals who are familiar with legislative procedure and they also believe that S 2452 is probably dead for now.
According to a 6/26/08 Wall Street Journal article - "HUD Chief Is Optimistic on Housing Accord":
"Senate Democrats Wednesday were trying to resolve procedural fights before they could pass their version of the legislation, with Senate Banking Committee Chairman Christopher Dodd (D., Conn.) blasting Republicans for delaying a final vote on the measure. Democrats had hoped to pass the measure this week, but a final vote appeared likely to slip until after the July 4 recess. Still, the legislation is expected to pass easily, potentially with enough votes to overturn a veto."
Click below to continue reading and an UPDATED chart of activity . . .
Below is a chart summarizing of the votes on the Dole Amendment number 4984 to the Federal Housing Finance Regulatory Reform Act of 2008 (H.R. 3221) . (Jun 24, 2008: Cloture on the Reid motion to concur in the amendment of the House, striking section 1 and all that follows through the end of Title V, and inserting certain language, to the amendment of the Senate, with amendment (SA 4983) invoked in Senate by Yea-Nay Vote. 83 - 9. Record Vote Number: 155.).
Of particular interest in this election year, is that there were only eight non-voting members of the Senate. Can you guess who two of the non-voting Senators were on this important issue? That's right! Sen. John McCain [R] of AZ and Sen. Barack Obama [D] of Illinois!
UPDATED ACTIVITY CHART - JUNE 25,2008
Click here for School House Rock's "I'm Just A Bill" song and text.
Here's an excerpt:
Boy: Listen to those Congressmen arguing! Is all that discussion and debate about you?
Bill: Yeah, I'm one of the lucky ones. Most bills never even get this far. I hope they
decide to report on me favorably, otherwise I may die.
Boy: Die?
Bill: Yeah, die in committee. Ooh, but it looks like I'm gonna live!
Now I go to the House of Representatives, and they vote on me.
Boy: If they vote yes, what happens?
Bill: Then I go to the Senate and the whole thing starts all over again.
Boy: Oh no!
Bill: Oh yes!
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