What We're Hearing

There's talk in the market (and in Gucci Gulch) that one Senator might be introducing an amendment to the massive regulatory overhaul bill that would drive a stake right through the heart of a regulation known as the Home Valuation Code of Conduct or HVCC. Fannie Mae and Freddie Mac had HVCC jammed down their throat by New York Attorney General Andrew Cuomo in March 2008. Loan brokers hate it because it takes them out of the appraiser picking process. Will the amendment go anywhere? Stay tuned. Meanwhile, there's talk that a New Jersey based nonbank lender could be in trouble. I know the identity of the firm but I'm waiting on confirmation. The company's main telephone switchboard defaults to an operator who never picks up. Its website appears to be malfunctioning when you click certain buttons but not all. I called an account executive there but have yet to hear from this person. It could be a false lead but we'll see...