This article on CNN.com mentions that one of the reasons that home prices were soaring too high was the appraisals. Loan officers and mortgage brokers were (and do) putting lots of pressure on some appraisers to "hit the number" that the officer or broker was looking for.
So now there will be a Home Valuation Code of Conduct starting in May. These will be guidelines for appraisals being used in loans being sold to Fannie Mae and Freddie Mac. The guildelines prohibit lenders from coercing, extorting, colluding with intimidating or bribing appraisers.
So what you are telling me is, this was not against the rules before.
The only way this will be of any help at all is if it is actually enforced. Otherwise the appraisers following the rules will be the ones not getting work.
The enforcement comes by way of complaints from appraisers or consumers. If a lender receives too many then they won't be able to sell loans to Fannie or Freddie.
As usual, I'm sure there are already pleanty of regulations in place that are not already being enforced. Perhaps more are needed but I would be willing to bet that TRUE enforcement is what is really called for here.
http://money.cnn.com/2009/01/14/real_estate/appraisal_reform/index.htm?postversion=2009011405
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