American Banker (09/12/08) P. 1; Hopkins, Cheyenne
Financial services industry representatives believe the government's takeover of Fannie Mae and Freddie Mac would allow their new regulator, the Federal Housing Finance Agency, to void an appraisal pact orchestrated by New York Attorney General Andrew Cuomo that is intended to strengthen appraisals. Steve O'Connor, senior vice president of government affairs at the Mortgage Bankers Association, says, "The bottom line is the status of the GSEs and the landscape is different, and therefore issues such as this are very much back in play." It remains to be seen whether the agency will void the agreement set to be implemented on Jan. 1, but observers say at the very least it will give the watchdog more leverage to modify it--perhaps eliminating a controversial proposal to prohibit in-house appraisals.
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