Blogsberger's Box

A recent post on the Cupertino Housing Blog called out the upcoming Home Valuation Code of Conduct (scheduled for May 2009) as a way to address the "murky and subjective world of the appraisal industry".  I generally agree, and see an even more effective tool to weed out the bad apples in the requirements to track the appraisers and originators on all loans that Freddy and Fannie purchase beginning in 2010 -- they'll be able to track back who was involved in bad and faudulent loans, and hopefully take action against them.

The memo from FHFA states "James B. Lockhart, Director of the Federal Housing Finance Agency, announced today that, effective with mortgage applications taken on or after Jan. 1, 2010, Freddie Mac and Fannie Mae are required to obtain loan-level identifiers for the loan originator, loan origination company, field appraiser and supervisory appraiser."