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Regulators Pose New Real Estate Appraisal Rules

Law360 (November 13, 2008, 12:00 AM EST) -- Five U.S. financial regulators have proposed stricter guidelines for lenders' real estate appraisal practices, responding to the housing bubble's implosion and the nation's financial crisis.

The regulators issued a joint statement Thursday asking for public comment within 60 days for the guidelines, which would replace 1994 appraisal rules. The new guidelines tighten appraisal standards and ensure that appraisers are independent and don't benefit from mortgage transactions.

The regulators included the Federal Reserve System, the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Office...
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