Update:  Dole Amendment, HVCC Movement

As you've probably heard, Senator Elizabeth Dole (R-NC) proposed an amendment to the Senate Housing bill sponsored by Senate Banking Committee Chairman Dodd (D-CT) and Senator Shelby (R-AL). Thousands of you contacted your Senators urging them to support her amendment requiring OFHEO to issue a federal regulation establishing appraisal standards superseding the HVCC. Last Thursday she withdrew her amendment in exchange for a public dialogue on the Senate floor between Senators Dodd and Shelby regarding the importance of addressing the issues raised by the HVCC and securing involvement of all relevant federal agencies in drafting appropriate standards to safeguard the appraisal process. So while the amendment was withdrawn, Senator Dole has been successful in bringing attention to the HVCC in the Senate and putting it under further scrutiny. Your voices are not going unnoticed, and as we learn more of the specifics we'll keep you informed.

What now? Keep raising the red flag with your Senators and Representatives about the consequences of the HVCC and the potential devastating economic impact on your state. Every senator needs to be educated about the HVCC and the House of Representatives hasn't yet had the opportunity to weigh in. In fact, it's vital that you give the Members of Congress the ammo that they need to convince the House and Senate that the HVCC must be revised before causing irreparable harm. To get started, go to www.alamode.com/action now.