i'm karen mann. i've been an appraiser for 32 years and currently the president of my firm, mann and associates, in northern california. today i'm here to testify on behalf of the american society of appraisers, asa, and the national association of fee appraisers. that's niafa. i'm speaking for their behalf today. the current appraisal regulatory structure is a dramatic improvement over what was in place prior to the savings and loan debacle. prior to that, you could own a clipboard, you get a business card, get a tape measure, and you go out and call yourself an appraiser. the problem became as it became like the wild west where people thought that they could be an appraiser at any time. thanks to the implementation of title 11, we found that there were rules and regulations that us appraisers had to follow and it was good. doesn't mean that we always wanted to follow rules but we had to. and that makes a more organized society. it's very important. the role of the appraiser had to recognize that the

i was delighted to see my friend karen mann using an ipad to give her testimony today. as you know, from your real estate experience, big technology of the day back in our day was the memory card and a selectric typewriter. things have changed. things are, indeed, available, today that go to the issues -- >> what is your opinion on what he just said, too? >> well, i think that there are a couple of things that are incumbent on all of us and that we need to make sure change, and one of those is that lenders are held accountable for these appraisals and for the opinions and for their actions. we also need to make sure that people who are regulating this industry, who are the regulators coming in, are well versed and that we have a sufficient staff to take care of the problems that are coming and to make sure that what's happening in the appraisal business is well maintained and understood as they try to do their job. >> give me one second. can i agree with -- i'm not disagreeing with what you said. what i was saying is we all make mistakes. we did. congress did. and we ca

karen jane mann on behalf of the american society of appra e appraisers and the president of the appraisal institute. thank you all. we will then begin with the testimony and without objection your written statements will be made part of the record. you will each be roecognized wih a five-minute summary of your testimony. >> good morning. i'm the chief program officer for the national reinvestment coalition. i'm honored to testify before you today from both a consumer protection and a safety and soundness perspective in order to discuss options for improving the regulatory oversight of stake holders in the housing finance industry. we are an association of more than 600 community based organizations that promote access to basic banking services including credit and savings to create and sustain affordable housing, job development and vibrant communities for america's working families. today the u.s. economy is mired in the worst economic crisis in more than half a century and valuation issues remain front and center in the financial reform debate. our current economy earned its monarch of