U.S. House amendment would sunset HVCC
An amendment that would ultimately sunset the Home Valuation Code of Conduct (HVCC) has passed the U.S. House Financial Services Committee. The amendment to the “Consumer Financial Protection Act of 2009″, offered by Representative Gary Miller (D-CA) would require the new Consumer Financial Protection Agency to promulgate an appraisal independence rule within 60 days of enactment of HR 3126. Upon the effective date of the appraisal independence rule the HVCC would sunset.
The HVCC has been widely criticized for its effect on the housing market, including slowing down appraisals and lowering the appraised values of homes.
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