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A new agreement between the NY Attorney General and Fannie and Freddie should promote independence and accuracy of appraisals. But it’s going to cost buyers.

NEW YORK (CNNMoney.com) — It’s going to cost some borrowers even more to get a mortgage beginning in 2009.

In a recent agreement with New York State Attorney General Andrew Cuomo, Fannie Mae (FNM) and Freddie Mac (FRE, Fortune 500) pledged that they will only buy mortgages from lenders that use independent appraisers. Since these two companies account for more than 70% of all mortgage loans, virtually all lenders will comply with the guidelines.

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Tags: appraisal reform, mortgage applications

This entry was posted on Wednesday, March 12th, 2008 at 7:17 pm and is filed under Mortgage Education, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.