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The Telephone Doctor: Direct link between low consumer confidence and poor customer service

National Mortgage Professional
Mar 10, 2009

NAMB files lawsuit against FHFA regarding HVCCMortgagePress.comNAMB, lawsuit, HVCC, appraisers, Federal Housing Finance Agency, Housing Enterprises Financial Safety and Soundness Act of 1992 The National Association of Mortgage Brokers has sued the Federal Housing Finance Agency (FHFA) regarding its final rule promulgating the Home Valuation Code of Conduct. The complaint alleges that the FHFA violated the Administrative Procedure Act and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 by: 1. Placing mortgage brokers at a significant and permanent competitive disadvantage by forcing mortgage brokers to rely on lenders and their affiliates to obtain appraisals for their customers; 2. Failing to provide notice or the opportunity for public comment; 3. Promulgating a final rule that goes beyond the authority of the Director of the FHFA to regulate Fannie Mae and Freddie Mac and which gives "improper delegation" of regulatory authority to the New York Attorney General; and 4. Promulgating a rule that is "arbitrary and capricious." NAMB contends that enforcing the final rule will cause "irreparable harm" and that the rule is "contrary to the public interest." The complaint requests a declaratory judgment striking down the final rule and an injunction preventing its enforcement. For more information, click here.
Published
Mar 10, 2009
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