Fra Noi Embrace Your Inner Italian
Back before the financial crisis of 2008, banks and brokers were able to use whichever appraisers they wanted. They decided which ones to use, and the compensation for those services was decided between the two parties. It wasn’t until late 2008 that then New York Attorney General and now Governor Andrew Cuomo pressed Fannie Mae and Freddie Mac to buy only mortgages that had originated from a third-party AMC, or appraisal management company. They called this change HVCC, or the Home Valuation Code of Conduct. Why was this put in place? Well, Cuomo’s office found out that Washington Mutual, which …
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