A bill has been introduced in the House of Representatives to repeal the Dodd-Frank Law. If enacted, it would:
~~reinstate the HVCC, which won’t really change anything since virtually every entity in the mortgage lending field has adopted its provisions which actually began with FIRREA in 1989 … but portions of FIRREA were never properly enforced until HVCC became the ‘hammer’
~~eliminate the ‘Customary and Reasonable’ requirement for appraiser fees, which unfortunately has been watered down by the FRB in its Interim Final Rules to the point that it gives little fee protection to appraisers
Representative Michelle Bachman has introduced the following legislation to repeal the Dodd-Frank Act:
112th CONGRESS, 1st Session H. R. 87
To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act.
IN THE HOUSE OF REPRESENTATIVES
January 5, 2011
Mrs. Bachmann (for herself, Mr. McClintock, Mr. Posey, Mr. Akin, and Mr. Issa) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Energy and Commerce, the Judiciary, the Budget, Oversight and Government Reform, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned:
A BILL
To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. REPEAL.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) is repealed and the provisions of law amended by such Act are revived or restored as if such Act had not been enacted.
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Why are they trying to put appraisers out of business?
ReplyDeleteAt this point we cannot pay the bills. They have something else in mind to replace appraisers. This is un american and unconstitutional. As of yesterday JPMorgan Chase lowered the fees they are going to pay appraisers and Corelogics said they are going to have more control with the Dodd Frank Law??? Don't want to even see what this country is going to be like in another 50 years. No middle class only poor groveling in the strets begging for food while the people running banks keep taking more and more-
How many years will it take for us to become a third world country? We are almost there!
ReplyDeleteI understand we cannot have a union because we would be price fixing. How about the lenders? Why can they price fix for their advantage? This has become more than what is fair for the appraisers but what is fair to live in a democracy. They have taken control of our business,destroyed our busines.If they can do this to us, who will be next. We need protection of some kind since the law doesn't seem to care about us or the people that will be hurt by not having appraisers. They are just interested in the campaign money they get from the big business so give them whatever they want.,All appraisers need to come together and make noise to be recognized. Most are ready. Instead of a Union, it can be called
ReplyDeleteAppraiser Protection League. Something has to be done immediately or there won't be anyone to protect. Let the banks fix the fees and the League can decide if it is fair or even possible to do. There has to be a loop hole. The banks seem to find all kinds of loop holes.
Aren't we allowed to decide who we want to work for??