Pending Mortgage Reform Bill H.R. 1728 Contains “Property Appraisal Requirement” Provisions
The Mortgage Reform and Anti-Predatory Lending Act of 2009, H.R. 1728, was introduced March 26 by coauthors Rep. Brad Miller (D-N.C.), Rep. Melvin Watt (D-N.C.) and Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee. It moved quickly through the House and the Senate. And like most knee-jerk reactions it was pasted without studying its effectiveness on the consumer.
This bill is supposed to protect the consumer but raising the cost of a standard 1004 full residential appraisal from $350 to $536.81 for the same 1004 full appraisal. This is not the kind of protection that I was looking for. With all due respect to Mr. Frank, Mr. Watt & Mr. Miller doing this is much like closing the Mexico border to keep out the Swine Flu. It is not happening. Much of this reform was due to Banks pushing appraisers. I want to make sure I am clear “Banks” pushing appraisers to raise property values. When you work for a company, is this case a Bank, and you want to keep your job you do what the boss tells you to do. Enough said.
Of all people Mr. Frank has been in the middle of the meltdown from day one and has yet to show any remorse. From what the Media has shown Mr. Frank has done nothing but point his finger at other people. With the lack of accountability of elected officials due we really need to burden them with now watching over our appraisals?
Did Mr. Frank, Mr. Watt and Mr. Miller understand that they now have the Banks in control of appraisals? Was this the ultimate plan when this bill was introduced? Or is this yet another way to send backdoor money from lobbyist to politicians? Yes this sounds far fetched but Mr. Frank did not get into his position by being stupid or uncalculating.
Currently there is a motion filled to defeat this bill or a least put it on hold for 12 months so a study of the effectiveness to H.R. 1728 can be completed. This is clearly yet another bill that is not well thought out.
I am not sure I can even imagine what the life of an elected official most be like. Maybe we should consider a shelve life for elected officials as these three are clearly so far removed form what the average persons needs. It was just roughly a year or so that Mr. Frank was telling us that Fannie Mae was solid from this point forward. This is not the kind of reform or leadership that we need.