Fannie Mae, Ginnie Mae and Freddie Mac announced today that a landmark joint
agreement with their European counterparts has been reached to adopt new
spelling requirements for all appraisal reports.

These new guidelines began January 1, 1999. They are intended to
standardize communications and reduce the misunderstandings in current
reports. With increased multi-national lending and more computer databases
accessing international data, this will give a global, unified language for
appraisal reporting.

These guidelines have been sent to the Appraisal Foundation where they are
expected to be adopted as a standard part of the Uniform Standards of
Professional Appraisal Practice (USPAP) later this year.

North American appraisal organizations (including the Appraisal Institute,
the American Society of Appraisers, and the Canadian Royal Appraisal
Society) have agreed to set up committees to implement these guidelines for
all appraisal and demonstration reports completed after January 1, 2004.

These guidelines establish a five-year phased implementation plan.

In the first year, “s” will be used instead of the soft “c”, and, the hard
“c” will be replased with “k”.

This should sertainly be well resieved. Not only will this klear up
konfusion, but keyboards kan have one less letter.

In the sekond year, the troublesome “ph” will be replased by “f”.

This kan make words like “fotograf” 20 per sent shorter.

In the third year, akseptanse of the new spelling kan be expekted to reach
the stage where more komplikated changes are possible.

The Appraisal Subkomittee will enkorage the removal of double letters,
which have always ben a deterent to akurate speling. Also, the Subkomite
wil end the horible mes of the silent “e” in the languag.

In the fourth year, the German Aprasl Gild has requested replasing “th” by
‘z’ and “w” by “v”.

During ze fifz year, ze unesesary “o” kan be dropd from vords kontaining
“ou”, and similr changes vud of kors be aplid to ozer kombinations of leters.

After zi fifz yer, ve vil hav a reli sensibl riten styl.

Zer vil be no mor trubls or difikultis and evirvun vil find it ezi tu
undrstand ech ozer.

Ze drem of vel vritn vrldvid aprasals vil finali kum tru.

frm ze Intrnatnl Joynt Comite On Aprasal Spelng
April 1, 1998

Emailed to me by John Regan at