Appraisers have had life rough lately, but with some House Democrats now ready to introduce an amendment that would permanently assure their role in the real estate industry, some lobbyists in Washington are joking that Firrea, short for the Financial Institutions Reform and Recovery Act, may now more suitably mean "Finally I'm a Rich Real Estate Appraiser."

The four House members--House Banking Committee Chairman Henry B. Gonzalez, D-Texas, New York Democrats Floyd Flake and Charles E. Schumer and Peter Deutsch, D-Fla.--issued a joint statement May 4 announcing their intention to sponsor the amendment that would require all real estate evaluations to be performed by a licensed and certified appraiser.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.