NAMB President Savitt delivers HVCC testimony on Capitol Hill – NMP Skip to main content

NAMB President Savitt delivers HVCC testimony on Capitol Hill

NationalMortgageProfessional.com
Jun 18, 2009

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.  
Published
Jun 18, 2009
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022
10,000 NAHB Members Sign Letter To Biden Seeking Housing Market Help

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Construction
May 02, 2022