UPDATE - Monday June 23: I just got off the phone with Senator Dole's office. Any phone calls and emails to US Senators on this issue are needed TODAY. There is a cloture vote (a proceedure to end debate and start a final vote) tomorrow.
At this point calls/emails to both US Senators is needful in support of the DOLE AMENDMENT number 4984 to the Federal Housing Finance Regulatory Reform Act of 2008 (H.R. 3221) on Tuesday, June 24
Thanks, Scott A Austin
We have another opportunity to advance our position in Congress to fix the HVCC. Congress may take action on housing issues before the July 4 recess.
A la mode has provided a simple site that will generate an editable letter AND target your congress person based on your location! What could be simpler?! Take Action!
Both your senators need to hear from us about the negative impact the current version of the HVCC would have on consumers, appraisers and the economy at large.
It is anticipated that the Senate will debate and vote on the Dole Amendment number 4984 to the Federal Housing Finance Regulatory Reform Act of 2008 (H.R. 3221) on Tuesday, June 24.
Please contact your senators now by clicking the "Take Action" link below and ask them to support this amendment. Take Action!
Thank your senators for their consideration and attention to this matter.
They need to hear from us today!
Thanks for your ongoing support. Together we are getting closer to helping create a level playing field and a balanced HVCC.
Dave Biggers
Chairman
a la mode, inc.
Click here to see a sample of the letter . . .
June 20, 2008
[recipient address was inserted here]
Dear [recipient name was inserted here],
I am writing as your constituent and a small business operator to ask for your assistance in making certain that Congress steps in to level the playing field for consumers and independent property appraisers.
Fannie Mae, Freddie Mac, the Office of Federal Housing Enterprise Oversight ("OFHEO") and New York Attorney General Cuomo entered into agreements, including a "Home Valuation Code of Conduct" (HVCC), aimed at ensuring the independence of appraisals. The goal was a worthy one.
Unfortunately, the HVCC and related agreements actually will have the opposite effect.
Thousands of the most experienced appraisers throughout the country will be forced out of the business due to dramatically reduced fees paid by the appraisal management companies that are favored by the HVCC. This exodus, coupled with the HVCC's preference for use of automated valuation models by AMCs, will lead to a significant deterioration of appraisal quality.
Consumers will end up having to pay for multiple appraisals and will be paying more for inferior products. Our fragile real estate markets can ill afford such a result.
Neither the HVCC nor the agreements make any attempt to regulate AMCs or AVMs or apply any of the standards and consumer protections that appraisers and their work product must satisfy. We need to fix this!
Please support Senator Elizabeth Dole's amendment number 4984 to the Federal Housing Finance Regulatory Reform Act of 2008 (H.R. 3221).
Thank you for your consideration. Your support will mean a lot for consumers and independent business people like me.
Sincerely,
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