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According to the American Banker's article:  Sen. Clinton to Introduce Mortgage Reform Bill

WASHINGTON — Sen. Hillary Clinton, the frontrunner for the Democratic presidential nomination, is expected to introduce a mortgage reform bill soon that tightens underwriting standards, enhances broker regulation, and sets aside more than $2 billion towards foreclosure prevention, affordable housing and mortgage fraud prosecution.

"The bill calls for a national broker registry and requires brokers to enhance disclosures, including detailing to borrowers any fees and how a loan rate and terms affect broker compensation."

It would also, " . . .set aside $20 million to support additional employment of Federal Bureau of Investigations agents and Department of Justice prosecutors to coordinate mortgage fraud prosecutions with state attorney generals."

Click here to download the Clinton Mortgage Bill.pdf (52.1K)

Rep Paul W. Hodes introduced House Bill H.R.3535 to create the Homebuyer's Protection Act of 2007 on 9/14/2007:

To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage of the appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.

The second section of the bill is MOST important to appraisers!  It would significantly change the language in FIRREA regarding when appraisals are required .

• The current language only requires appraisals on `federally related transactions'. 
• The proposed language that appears to require appraisals on ALL `real estate related financial transactions'. 

What could that mean for AVM and BPO products?  This bill is in the first step in the legislative process. Introduced bills go first to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills never make it out of committee.

But if it were to pass . . .Would that mean that ALL real estate transactions would have to be performed by a licensed appraiser?  What do you think the chances are that a bill like this will make it out of committee?

Here's a clip from Rep. Hodes website:

Who can forget the famous line from "The Jerk" where Steve Martin's character Navin R. Johnson first sees his name in the phone book?

"The new phone book's here! The new phone book's here! This is the kind of spontaneous publicity I need! My name in print! That really makes somebody! Things are going to start happening to me now."

That's how I felt when the AppraisalScoop.com blog made it onto the Top 100 Real Estate Blogs list from International Listings.  Here's the setup for the list . . .

Despite the funk that the subprime crisis has brought down on Wall Street and financial institutions, this sector represents only one portion of an entire industry. Some financial analysts such as James DiGeorgia, 21st Century Investor publisher, advises investors to keep an eye on the real estate industry as an opportunity. And, savvy homeowners or those who seek to purchase houses as residences or as investments might be wise to stay on top of some of the best names in the industry. Who knows where real estate will go from here?

To find an answer, we’re treating you to the top 100 bloggers who focus on every real estate subtopic from appraisals to the title industry. You won’t find real estate listings in this article, although some blogs focus on individuals who work in real estate and others focus on consumers. Please note that the blog numbering is not meant to be a ranking–each real estate subtopic is simply listed in alphabetical order, with blogs then listed in alphabetical order within that topic.

Thanks to the power of "alphabetical listings"  . . .The "Scoop" made it to the top of the list.  Thanks to International Listings for including Appraisal Blogs!!

Author: Brian J. Davis, RAA - Brian Davis & Associates - Brian has over 23 years of appraisal experience in Central, IL and hosts the Appraisal Scoop blog and the WinTOTAL Users Group an email forum for appraisers.