NAMB Drops Suit on HVCC

The National Association of Mortgage Brokers has withdrawn its lawsuit against the Federal Housing Finance Agency, one day after it sent a letter to Congress asking it for help to stop implementation of the Home Valuation Code of Conduct. The trade group called the withdrawal a "strategic maneuver;" it said it wants to assess the FHFA's claim that no court may review its decisions while Fannie Mae and Freddie Mac are in conservatorship. "This issue goes beyond the bounds of this particular case," said NAMB president Marc Savitt. "All companies, investors, and trade groups should understand there may not be a court, any court, able to hear their case while FHFA is utilizing their conservatorship powers." NAMB said its options include filing suit again with revised and expanded arguments directed at FHFA's new claim.