New Amendment to H.R. 3126

On October 21st, 2009, Congressmen Gary Miller, Travis Childers and Don Manzullo presented an amendment to H.R. 3126, Consumer Financial Protection Agency Act of 2009. The amendment mandates within 60 days of enactment FNMA; a promulgation of new regulatory appraisal independence requirements and it once again allows Originators (Bankers and Brokers alike) to order appraisals. It goes on to further stipulate that HVCC will no longer shall no longer have force or effect. This petition was presented to the House Financial Services Committee as supporting evidence of the harm HVCC is causing consumers and the housing recovery. The amendment was voted on and passed the committee; now on its way to the House of Representatives for final vote. If passed it will go then to the Senate for final resolution.