GAO to Investigate Appraisal Loopholes
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Maxine Waters and Congressman William Lacy Clay requested a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. VaCAP has learned GAO has agreed to complete the study. The Network of State Coalitions has sent the following to their state members:
This is the result of so many voices – the Foundation, ASA, coalitions, NAR, etc. Our Network efforts have given us an inside connection that hopefully we can continue to build on. Our meeting in DC with Pierre from HFSC staff last October I believe made a huge impression on how diverse and significant our representation is.
I also think that the same outcry from similar groups over hybrids and some of the wacky proposals has had a great impact. If it wasn’t for sharing information and speaking up on these issues, there would be no awareness and no resistance.
Great job everybody, let’s hope this is the beginning of something. This is not just a study, this appears to be part of a systematic look into what’s happening. I think the ND ASC waiver and de minimis change was a lot to happen at one time and are what really brought attention to what is going on. It was so extreme. Hopefully now it is all attracting a serious look into EVERYTHING that has been happening with appraisals.
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The State of Arizona goes after CoesterVMS.
VaCAP has just learned the state of Arizona is seeking damages and penalties against CoesterVMS for violations of law. Arizona has ordered CoesterVMS’s license revoked and penalties for noncompliance in the amount of $25,000. See the order below.