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| 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 The trade group said in a letter Wednesday that the plan should be withdrawn or at least modified.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 |
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