Representatives Childers (MS) and Miller (CA) introduced HR3044 on June 25, 2009 proposing an 18-month moratorium on the Home Valuation Code of Conduct (HVCC).
With congress now back in session, our elected officials have the opportunity to evaluate the impact the HVCC has had on the real estate industry since its May 1, 2009 enactment.
The National Association of Mortgage Brokers (NAMB) estimates that the HVCC will cost consumers an additional $2.8 billion per annum due to the associated costs the HVCC adds to the real estate transaction cycle.
Visit the following link to a June 9, 2009 Wall Street Journal article explaining the fallout of the HVCC:
http://online.wsj.com/article/SB124450388959795613.html?mod=djkeyword