The Federal Housing Finance Agency (FHFA), is the regulator for Fannie Mae and Freddie Mac

Background: In December of 2008, Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA), agreed to the final version of HVCC on the condition then New York Attorney General Andrew Cuomo, drop the GSE’s from his valuation fraud investigation.

In a May 19, 2010 letter to Andrew Cuomo, FHFA Acting Director Edward DeMarco stated, “The Home Valuation Code of Conduct deployed by Fannie Mae and Freddie Mac was implemented after taking extensive market place comments.”   If the FHFA relied on these comments, then why do they continue to refuse to release them to the public? This act of concealment suggests the comments fail to support the implementation of the HVCC and the FHFA is deliberately withholding this information from the public and Congress.

NAIHP is vigorously pursuing copies of the tens of thousands of public comment letters received by the GSE’s and the FHFA, with respect to the HVCC. NAIHP believes the comment letters do NOT support implementation of HVCC, but in fact warn the regulator of the “unintended consequences” of the code.

Since HVCC was implemented on May 1, 2009, valuation fraud has risen by over 50%, appraisal quality has decreased substantially, thousands of appraisal professionals have been forced out of business and home values have continued to decline.  Additionally, new appraisal rules have created a sharp increase in settlement costs for consumers.

Although, the HVCC agreement expired late last year, it’s been replaced by similar language in the Dodd-Frank Act and GSE guidelines.

Objective:  Obtain the comment letters and provide evidence to Congress and the press, showing HVCC was implemented under a false display of evidence, which was designed to provide the GSE’s a means to escape further investigation by then New York Attorney General Andrew Cuomo.

Here’s the plan:

Starting Thursday, October 13, 2011, we want you to personally tell Acting FHFA Director Edward J. DeMarco, to release the tens of thousands of HVCC comment letters to NAIHP or any news organization.

In order for this action to be effective, you MUST continue your emails and calls every day, until the FHFA releases all the comments in digital form. Everyone in your office needs to participate. NAIHP will notify you of any changes in the FHFA’s position.

Email: Edward J. DeMarco, FHFA Acting Director. This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Phone:  202.414.3801.  Ask for Acting Director DeMarco. If you reach Mr. DeMarco personally, ask him to release all the public comment letters received by the FHFA, Fannie and Freddie, to NAIHP or any news organization. If you get his voicemail or any other person, leave the same message.

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UPDATE: The ongoing Call to Action is working. However, in order to ensure the FHFA is getting the message, we need to expand the Call to Action to the following individuals:

Email: Chris Dickerson, Acting Deputy Director.   This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Phone:  202.414.6923

Email: Stephen Cross, Acting Chief Operating Officer. This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Phone: 202.408.2500

These individuals should be contacted in addition to Acting Director DeMarco!!
 

Below you will find simple, specific language in RED, which you can copy and paste in your email, or use as talking points when making your calls. Feel free to use your own words, but remember to be professional and respectful.

“Release all the public comment letters associated with the Home Valuation Code of Conduct to NAIHP or any news organization."

To ensure this action reaches as many industry professionals as possible, please forward this action via your database, facebook, twitter and other social media sites.

For more information, please contact: Marc Savitt, NAIHP President at:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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