House Panel Trains Fire On Appraisal Management Cos.

Law360, New York (June 28, 2012, 7:31 PM EDT) -- Public- and private-sector leaders from the home appraisal community blasted appraisal management companies and lenders in a congressional hearing Thursday, while an industry representative took heat from assembled lawmakers.

The hearing, conducted by the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity, addressed continuing efforts to reform the appraisal industry, as mandated by the Dodd-Frank Act. Representatives for lenders, appraisers and government agencies testified that progress toward implementing Dodd-Frank's reforms has been too slow and criticized appraisal management companies for prioritizing profits over accurate...
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