Home Appraisers Complain that New Regulations Hurt the Housing Market
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On June 28, 2012 appraisers, appraisal organizations, and others testified before the US House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity, on proposals to improve oversight, regulation, and enforcement of the housing appraisal process. Among the topics addressed were the implementation of new financial service regulations under the Dodd-Frank law, appraisal fraud, the role of state regulators, and oversight of the appraisal process at the local level.
The topic of the hearing was Appraisal Oversight: The Regulatory Impact on Consumers and Businesses. You will can read the testimony by clicking on the following link. View the CSPAN video coverage below:
The excessive unwarranted regulation of appraisals by non-experience bureaucrats has exacerbated the housing industry. Some of these regulators have never appraised a house and/or commercial property in their lives.
I’m tempted to say “better late than never”. The problem with that is that it’s insane to say such a thing with regard to appraisers.
THREE (3) years have passed and appraisers are just beginning to squeek up about the extortion scheme that was forced down their throats. Intelligent appraisers (those who saw the scam coming) quit long ago and have already had time to complete their law degrees.
The “profession” has already been dumbed down by at least 50% folks. What makes you think it’s something worth saving today?