Check out this proposed legislaton.... it is interesting.

[Administrator]

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HVCC Amendment Drafted for Senate Bill

Senator Bob Casey of PA has drafted Senate Amendment 4007, which adds Appraiser Independence language to the Restoring American Financial Stability Act of 2010, including language that would in effect do away with the HVCC.

The amendment was introduced on May 13th, 2010.

Click here to read the relevant pages

Click here to read the full bill. Hint: search for appraisal and appraisers

 

SEC. 1117. APPRAISAL INDEPENDENCE REQUIREMENTS.

.........

(b) CERTAIN REGULATION REQUIREMENTS.-

Regulations promulgated by the Negotiated

Rulemaking Committee under this section-

(1) shall not prohibit lenders, the Federal

National Mortgage Association, or the Federal

Home Loan Mortgage Corporation from

accepting any appraisal report completed by

an appraiser selected, retained, or compensated

in any manner by a mortgage loan

originator

Click here to see what the TBWS guys say

http://www.thinkbigworksmall.com/mypage/player/tbws/28912/1634453