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Congress Requests GAO Study of FIRREA to Protect Homeowners from Appraisal Loopholes

Feb 12, 2020
 
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Wm. Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance, sent a letter to the Comptroller General of the U.S. Government Accountability Office (GAO), requesting a comprehensive study on the implementation of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) by the relevant federal agencies.

ASA CEO, Johnnie White commented by saying, “I'm encouraged that Congress has asked GAO to take a close look at something we at ASA have been raising since 2016. Frankly, the current state of Title XI of FIRREA is in shambles through regulatory carve outs and capricious increases in the appraisal threshold. We look forward to participating in the GAO study and learning the conclusions of the study.”

White continued by adding, “In the interim, I would encourage everyone to read our white paper on this important issue, which can be found here.”

To learn more about this breaking news, read the full news release from the U.S. House Committee on Financial Services here, and The Appraisal Foundation's response here.