ESTATE


Appraiser group objects to loan modification plan
2009/02/24, 7:53 pm
Filed under: 1 | Tags: , ,

A storm is brewing over President Barack Obama’s plan to use Fannie Mae and Freddie Mac to refinance as many as 5 million loans.

The American Society of Appraisers, a trade group representing about 5,000 appraisers, is considering whether to sue to block the plan because it may sidestep the appraisal process.

“We’re not there yet because we’re not sure what their policy is going to be,” said Peter Barash, a lobbyist for the organization. “Determining loan-to-value is the linchpin of the plan, and in order to get a reliable value, it makes sense to rely on professional appraisers.”

The initial plan as outlined briefly by Fannie and Freddie’s chief regulator, James Lockhart, calls these changes modifications, making them exempt from mortgage-insurance rules written into the companies’ charter. He says the modifications won’t require new appraisals, which will make them more affordable for homeowners.

Source: Bloomberg, Dawn Kopecki (02/24/2009)

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