Blogsberger's Box

Amen, I say!   The essentially residential problem is highlighted in the first few paragraphs, with lots more 'nitty gritty' of the problems with implementing the congressional intent.   And, as a bonus, highlighting the power plays and typical behind the scenes political maneuvering by the agencies and regulators.

 http://pop.to/5eo1

"Sara W. Stephens, MAI, told members of the House Financial Services' Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators.

Among other highlights, the Act calls on appraisal management companies (AMCs) to pay "customary and reasonable" fees to residential appraisers. While lenders can manage appraisal operations with internal staff, some choose to outsource these functions to third-party management companies called AMCs. These firms act as "middlemen" between lenders and appraisers

"Unfortunately, the Federal Reserve's Interim Final Rule is not faithful to Congressional intent," Stephens told lawmakers. "The Appraisal Institute thinks Congress' intent was right on target. We urge Congress to guide the regulators' aim, directing them to correct the Interim Final Rule to promote credibility over speed and cost."

Here's the ful testimony:  http://financialservices.house.gov/UploadedFiles/071311stephens.pdf