A 12 Step Program for Fannie Mae and Freddie Mac

  1. First admit you are not infallible
  2. Relinquish control over the appraisal process
  3. Allow a power greater than yourselves, an independent agency, to lead the way
  4. Make a fearless moral inventory of your policies and practices
  5. Confess the gaps and weaknesses in UCDP and underwriting systems
  6. Cease being arrogant and reckless
  7. Establish a research fund for the study of collateral risk
  8. Fund scholarship programs for the training and education of appraisers to assist in the modernization of the appraisal process
  9. Be transparent
  10. Submit to audits of data integrity and model performance
  11. Vigorously support appraisal independence
  12. Acknowledge that collateral valuation matters
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