Monday, March 3, 2008
New York Attorney General Cuomo announced agreements with Fannie Mae, Freddie Mac and OFHEO that require Fannie Mae and Freddie Mac to buy loans only from banks that meet new standards designed to ensure independent and reliable appraisals. The agreements also create a new independent organization to implement and monitor the new appraisal standards. The companies also agree to establish a Home Valuation Code of Conduct. NEW YORK ATTORNEY GENERAL CUOMO ANNOUNCES AGREEMENT WITH FANNIE MAE, FREDDIE MAC, AND OFHEO.