A new bill - HR 3044 - proposes to stop HVCC

Did you know that legislation has been proposed(HR 3044) to put an 18 month moratorium on the Home Value Code of Conduct (otherwise known as HVCC)?

Through enormous pressure by the National Association of Realtors and the National Association of Mortgage Brokers there has been a bill introduced to put an 18 month moratorium on the HVCC. Some critics have said that NAR was caught sleeping on this issue as they were silent about the ramifications of HVCC until after the fact.

Before you start jumping for joy that HVCC will be stopped, first understand the process. Now that the bill (HR 3044) has been proposed it has gone to committee - in this case the bill is in the House Committe on Financial Services. It is important to note that this is where most bills die (in the committee). The House Committee on Financial Services will deliberate, investigate, and revise the bill before it can go to general debate.

If you would like updates on this issue - just subscribe to my blog as I will be tracking the bills progress in future blogs.

:)
Matt

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