A new federal consumer protection agency will likely have the power to scrap the current Home Valuation Code of Conduct, which some say is leading to absurdly low home appraisals.

There’s little doubt that something went wrong with the appraisal business during the recent boom — and that something is wrong now as the pendulum swings in the other direction. But do we really want a future federal agency setting home-appraisal standards?

File under: Mission creep

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