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No appraisals? Now the ASA is going to sue. Has everyone lost their minds?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Gajope, Feb 24, 2009.

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  1. Gajope

    Gajope Junior Member

    0
    Jan 8, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    82
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Some times the government will violate its own rules or laws. It has happened and it will continue to happen.

    Don't expect the cooperation of investors, the entities that buy the paper from the GSEs, as their interest is being destroyed.
     
  3. George Hatch

    George Hatch Elite Member

    124
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    I doubt there's going to be a lot of sympathy from the public for any measures that can be portrayed in the media as being in the interests of any trade group. Especially any appraiser groups.

    I think the angle that the public should be concerned about is the hazard of masking the true equity positions of these loan modifications and the interference with the rights of the investors. There is no question that these machinations will have a long term cost for us all.
     
  4. Gajope

    Gajope Junior Member

    0
    Jan 8, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    you're right. They need to stick with:

    “Determining loan-to-value is the linchpin of the plan, and in order to get a reliable value it makes sense to rely on professional appraisers.”

    and stay away from comments like this:

    "is weighing legal action to block the policy that would cost its members potential business"

    Whenever politics or legal action is involved, you get more by showing a danger to the general public, not private business.
     
  5. Roy Courtney

    Roy Courtney Senior Member

    3
    Dec 8, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    It is refreshing to see one of the appraisal organizations attempting to do something! I offer my congratulations to the ASA!
     
  6. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I agree. Sitting back with a thumb up your you know what is certainly not helpful.

    This is all stimulus and refi's are an attempt to stabilize the markets, keep people in there homes and lets face it save jobs like mine! :)
     
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