While critics contend that up to $1.7 trillion in home equity has been wiped out due to Freddie and Fannie’s implementation of the Home Valuation Code of Conduct, Freddie Mac has issued a 10 page bulletin, reaffirming its guidelines for income calculation, asset verification, liability calculation, appraisal quality and misrepresentation of occupancy. In the bulletin, it also states that using appraisers who belong to a professional appraisal organization is a "best practice" its servicers should follow.

Meanwhile, NAR continues its efforts to educate the industry and make changes to the code.  Concurrently, HR 3044 has been introduced in the U.S. Congress that would enact an 18 month moratorium on the code.