Sep
25

Appraisal Trade Groups Call For Valuation Provisions in $700B Government Bailout

By
September 25, 2008

The Appraisal Institute and several other appraisal groups are urging House and Senate lawmakers to include valuation-related provisions in the proposed Troubled Asset Relief Program, the bailout program under which the government will purchase mortgage securities from lenders. Read on to learn about their suggestions.

The Appraisal Institute (AI) and several other appraisal groups are urging House and Senate lawmakers to include valuation-related provisions in the proposed Troubled Asset Relief Program (TARP), the $700 billion bailout program under which the government will purchase mortgage securities from lenders.

According to the AI, it’s critical that decision makers spell out the many valuation issues involved in the bailout. The group stated in a Sept. 24 letter sent to Treasury Secretary Henry Paulson, Jr., and Federal Board Chair Ben Bernanke that the TARP program in its current form does not adequately address such issues.

The American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the National Association of Independent Fee Appraisers joined the AI in sending the letter.

According to Bill Garber, director of government relations at the Appraisal Institute, practically every level of the program, including the purchase and management of assets, will require specialized appraisal expertise to ensure taxpayers are protected.

“However, the current proposal pending before Congress does not sufficiently address valuation concerns, an issue in which the consumers and businesses in this country need restored confidence,” Garber stated on the AI Web site.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.valuationreview.com/ME2/Audiences/dirmod.asp?sid=270E8EBA5AF64172B917EBD588EDB85A&nm=&type=news&mod=News&mid=5F249E552B2C49509BC41751816632F3&tier=3&nid=5D080CB871034336BDEA96160269A3E8
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