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Define Public Law 101-73 (FIRREA) in Real Estate
Public Law 101-73 (FIRREA):
"Public Law 101-73" refers to a federal law that was passed in order to change the way that financial institutions operate and create rules and regulations for real estate appraisers.
Example:
For example, the law created new guidelines for the way that appraisals are conducted, with the goal of making the appraisal process more fair and accurate. It also created new requirements for financial institutions, such as the need to provide certain disclosures to borrowers.
"A Deep Dive for Real Estate Appraisers"
Public Law 101-73 is also known as the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). It was enacted in response to the savings and loan crisis in the 1980s, and aimed to strengthen the regulation and supervision of financial institutions in the United States.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Public Law 101-73 changed the game,
Making financial institutions more tame!
New rules for appraisers, disclosures too,
Transparency for all, a good thing to pursue!