Bankers Pan Appraisal Revamp Plan

NEW YORK -- The Mortgage Bankers Association denounced plans initiated by New York Attorney General Andrew Cuomo to reorganize the appraisal business, The Wall Street Journal reported Thursday.

The trade group said in a letter Wednesday that the plan should be withdrawn or at least modified. The association said the plan conflicts with federal regulatory guidance and that people in the industry weren't given a chance to provide input before it was drawn up, the paper reported.

In a statement, Cuomo said: "The overwhelming response to the agreement has been a positive one, with almost everyone agreeing that significant reform is needed." He promised to "thoughtfully consider" suggestions from the mortgage bankers and others, according to the paper.

-- NYSSCPA.org News Staff

Posted on 5/1/08