The National Association of Independent Housing Professionals (NAIHP) has begun a campaign demanding that the Federal Housing Finance Agency (FHFA) release the comments it received in regard to the Home Valuation Code of Conduct (HVCC).
‘In December of 2008, Fannie Mae, Freddie Mac and the FHFA agreed to the final version of HVCC on the condition [that] then-New York Attorney General Andrew Cuomo, drop the government-sponsored enterprises (GSEs) from his valuation fraud investigation,’ said the NAIHP in a statement published on its website. ‘In a May 19, 2010 letter to Andrew Cuomo, FHFA Acting Director Edward DeMarco stated, 'The Home Valuation Code of Conduct deployed by Fannie Mae and Freddie Mac was implemented after taking extensive marketplace comments.' If the FHFA relied on these comments, then why do they continue to refuse to release them to the public? This act of concealment suggests the comments fail to support the implementation of the HVCC and the FHFA is deliberately withholding this information from the public and Congress.’
The NAIHP added that it is ‘vigorously pursuing copies of the tens of thousands of public comment letters,’ arguing that it believes the letters did not support the implementation of HVCC. The trade group says that its campaign is designed to show Congress and the public that the HVCC was ‘implemented under a false display of evidence, which was designed to provide the GSEs a means to escape further investigation by then-New York Attorney General Andrew Cuomo.’