Some three dozen appraisal trade groups are fighting to keep Fannie Mae and Freddie Mac from issuing waivers that eliminate the need for traditional home valuations. Earlier this year, the GSEs announced they would offer appraisal waivers on some refinance loans to borrowers who have at least 20 percent equity in their homes. And more recently Fannie and Freddie said that they will extend the waiver to include certain purchase loans as well. But the groups said first purchase transactions carry higher risk from a property information standpoint and, to make matters worse, the change comes at a time when markets are at all-time highs and risk mitigation should be tantamount.