A new agreement has been made with Fannie Mae and Freddie Mac. Andrew Cuomo, the New York Attorney, is creating a new process to protect home buyers from fraudulent home value appraisals. Recently it has come to light that some lenders have had their appraisers give inflated worth to homes buyers are trying to get loans for. With this agreement, lenders will not be able to use their own staff or appraisal companies that they have interest in or own, for initial appraisals. This can hopefully prevent fraudulent appraisals that are upping foreclosures.

Cuomo has stated that Fannie and Freddie purchase almost 80% of all home loans made in the U.S. Beth Wilkinson, Fannie´s General Counsel, said that "We are pleased to work with regulators to do our part to ensure sound, accurate, independent and reliable appraisals,". She also reported that they will due their best to ensure that all home values are accurate according to the Home Valuation Protection Code. With the deal made, all companies will require lenders to conform with the code at the start of 2009. Fannie and Freddie will pay $24 million to start an institute whose main job will be to monitor the lenders´s confirmation to the code. Every 6 months, the institute will be required to report to the attorney general and to the Office of Federal Housing Enterprise Oversight (the federal office that oversees both Fannie and Freddie.

A hot line will also be made for consumers to be able to report suspected fraudulent appraisals. Appraisers who are also being pressured to make certain figures, can also use the hot line.