On Thursday, June 18, National Association of Mortgage Brokers President Marc Savitt, CRMS testified briefly before the House Financial Services Subcommittee on Oversight and Investigations at a hearing entitled “Strengthening Oversight and Preventing Fraud in FHA and Other HUD Programs.” In his abbreviated testimony, Savitt addressed industry concerns regarding the Home Valuation Code of Conduct (HVCC), and has also called for a Department of Justice investigation into the findings from Attorney General Cuomo’s investigation of fraudulent appraisal practices perpetrated by WaMU and eAppraiseIT.
"Our fragile housing market is once again on the verge of collapse," said Savitt as he began testimony at the hearing. "We are looking for appraisal independence and we don't have that with HVCC."
Click here for a copy of Savitt's prepared testimony.
Click here for a Webcast of the hearing.
Other particiapants in the “Strengthening Oversight and Preventing Fraud in FHA and other HUD Programs" hearing included:
► Kenneth M. Donohue Sr., Inspector General, U.S. Department of Housing and Urban Development
► Kevin Nunnink, Chairman, IRR-Residential and Chairman, Integra Realty Resources
► David Kittle, Chairman, Mortgage Bankers Association
► David Berenbaum, Executive Vice President, National Community Reinvestment Coalition
► Frank Pellegrini, President, Prairie Title
For more information, visit www.namb.org.