The battle over new appraisal standards began to heat up on Capitol Hill last week. In a "Dear Colleague" letter, four lawmakers said an amendment they plan to offer will do litle more than reaffirm current law. Bank groups have responded with nationwide faxes blistering and amendment and urging bankers to lobby against it.

Here are excerpts from the letter signed by Rep. Charles E. Schumer, D-N.Y.; Rep. Henry B. Gonzalez, D-Tex.; Rep. Peter Deutsch, D-Fla.; and Rep. Floyd H. Flake, D-N.Y., followed by an excerpt from a "fax alert" sent out by the Independent Bakers Association of America.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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