Here's an Update on the Appraisal Law HVCC. Have u signed the petition?

Hi Everyone,

I just wanted to give you and update on the HVCC Petition.  If you haven't signed the petition, please do so at http://www.hvccpetition.com/.  See my Notes page on Facebook for more info on HVCC and what it means to you (www.facebook.com/nieciedraper).

Thanks,
Niecie
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Frank and Brian are in New York presenting the HVCC Petition to Cuomo's office right now (117,394 individually printed petition signature pages). Be sure to stay tuned in to the TBWS Daily for the latest updates directly from New York. Mark Savitt from NAMB is with them and it looks like they already have Fox News and CNBC covering our collective efforts to get rid of HVCC once and for all. The three of them are making it clear to everyone that this is not the end of battle, but just the beginning, and we will not abandon this petition or our efforts to get rid of HVCC until HVCC is Gone! We are quickly moving from a "minor annoyance" to a "major pain in the @$$" for everyone in support of HVCC and we need to put the pressure on more than ever so please keep forwarding the petition site to everyone you know. Everyone that has anything to do with the real estate industry has an obligation to join us in our effort to make their lives and industry better. We are ramping up our efforts in a big way right now and we plead with you to do the same.
Thanks so much for your continued support!

HVCC PETITION SUMMARY (http://www.hvccpetition.com/)

117,394 signatures collected and printed as of 11-16-2009

97,234 of the signatures are confirmed as valid unique petition signers

The 20,160 non-verified signatures collected were not counted in the formal total but were included in the printing for the following reasons.
1.A large percentage of them are believed to be valid but some information was missing.

2.Though thousands of them appeared to be duplicate signatures they contained new horror stories of HVCC victims. Many Real Estate professionals appeared to be trying to submit fresh stories of how their most recent clients were directly harmed by HVCC. We felt those stories were relevant and worth including, especially since the new victims listed could be contacted through the signer listed.

3.A few of the duplicates appeared to be a previous signer attempting to update their signature with formal authorization to pass their information along to the press/media since that feature was added to the petition several weeks after it was launched.

39.6% of the petition signers were mortgage originators
29.8% of the petition signers were real estate professionals
17.4% of the petition signers indicated they worked in some other facet of the industry
The remainder of the petition signers were primarily homeowners or potential home buyers

Polls - In addition to the petition itself, we have conducted a number of online surveys to real estate industry professionals regarding HVCC. Each poll question was preceded by an emphatic plea to respond with accurate and verifiable data only. Even so, we acknowledge that the polls were not conducted in a scientific and controlled manner so the results may not be 100% accurate, but the story they tell is still very revealing.


How did your last "purchase" HVCC appraisal compare to the contract price?

533 - A. At or above purchase price.
151 - B. Low - but less than 3%
224 - C. Low - Between 3% and 6%
262 - D. Low - Between 6% and 10%
278 - E. Low - Between 10% and 20%
170 - F. Low - More than 20%

How could we best stabilize home prices?
407 - A. Extend the $8,000 tax credit.
144 - B. Increase high balance conforming limit to $1MM.
257 - C. Bring back Seller Funded Down Payment Assistance.
1025 - D. End HVCC.

How many of your transactions have died due to HVCC?
128 - A. 0
152 - B. 1
187 - C. 2
794 - D. 3 or more

Do you think HVCC could kill Fannie Mae?
208 - A. Yes. FHA is easier, so less FNMA loans will get done.
96 - B. No. As long as they need help, the Fed's will give it.
35 - C. I'm not sure, but I'd like to see some real data on it.
54 - D. I'm not sure, but given the choice - I'll go FHA every day.
94 - E. Both C and D.