What is HVCC and what are the pros and cons?

I’m a Loan Originator. I have done research to educate my clients.

PROS: The intention was a to create a system to eliminate inflated values by either bad/novice appraisers or, by predatory lenders. Yes, financing someone for more than their house is worth can very easily be categorized as “predatory”

CONS:  I have included some links from credible news sources to explain the negative effects of this hastily implemented guideline that has thrown the housing recovery into a spin. For a video explaining the basics go to http://www.hvccpetition.com/Video.aspx ( and read signatures).  GREAT** Bloomberg article: http://www.bloomberg.com/apps/news?pid=20601087&sid=aWyCYkxx5W1w