HVCC has proven to be a disaster and may wind up impacting you at the very least when you do your next real estate transaction (if it doesn't create lower home values from bad appraisals done on purchase transactions in your neighborhood).
The National Association of Mortgage Brokers has a call to action to try to stop or atleast put a moritorium on HVCC so that it can be further researched.
Please call your Representatives today and urge them to cosponsor H.R. 3044. The bill was introduced by Representatives Childers (D-MS) and Miller (R-CA) and it calls for an 18 month moritorium on the Home Value Code of Conduct (HVCC). Click here for a copy of NAMB's press release on H.R. 3044.
When you speak with your Representative, simply ask when they plan to sign on as a cosponsor of H.R. 3044. Click here for contact information for your Representative.
New Home Appraisal Rules Stir Industry Backlash – Associated Press (July 14, 2009)
Low Ball Appraisals Spark Uproar –