Andrew Cuomo, secretary of the Department of Housing and Urban Development, said Monday that his agency would require more thorough appraisals of homes that carry FHA-insured mortgages.

Appraisers who fail to reveal serious problems to potential buyers will be prosecuted by the federal government, according to new guidelines.

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.