Fannie, Freddie Agree to New Appraisal Standards

The two largest sources of U.S. mortgage financing agreed on Monday to sponsor a new home appraisal watchdog to prevent inflated home values.

Fannie Mae and Freddie Mac will uphold a new code of conduct meant to keep mortgage lenders at arm's length from home appraisers and will also spend $24 million to jump-start the new oversight body in a deal to prevent lawsuits from New York Attorney General Andrew Cuomo.

Starting Jan. 1, 2009, the government-sponsored enterprises will buy home loans only from lenders that endorse an appraiser code of conduct that Cuomo said he hopes will become an industry standard.

Read Full Article from Reuters

- Posted: 2008-03-04 09:59:40

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