David Stevens the Commissioner of FHA told the Association of Mortgage Brokers that FHA will not implement the HVCC appraisal process on FHA loans because they can see the problems with the HVCC. This is huge as now finally a Government Department has acknowledged the problem with the HVCC. Stevens did say that he was in support of some kind of reform but clearly not the HVCC in its present form. The HBMO could not agree more.
Link to the HVCC Petition – http://www.hvccpetition.com/SignPetition.aspx