The Home Valuation Code of Conduct, a brainchild of New York Attorney General Andrew Cuomo, whuch became law as a regulatory mechanism on the hiring and management of the appraisal process, could see the end of it's economic life. The HVCC, along with hundreds of other governmental regulatory laws enacted, should have never became law.
Shortly after it became law, I wrote and overview from the perspective of an appraiser and free market capitalism.
In October of 2009, Rep. Gary Miller, (R:CA), joined by Rep. Michele Bachmann (R:MN), Rep. Childers (D:MS) and Manzullo (R-IL), offered an amendment to sunset the HVCC.
Now, it appears Senator Casey (D:PA) will offer similar language to the Senate. This will be very welcome news to all industries associated with the housing market and free market capitalists everywhere.
Dagan McDowell of FOX Business News has more on the potential demise of HVCC. Take a listen:
One can only hope the HVCC is put behind us, but even if the government sunsets the law, one wonders if banks, many of whom are partially owned by the government, and government sponsored entities such as Fannie Mae and Freddie Mac, will still implement the standards of the code.
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