Couomo - HVCC

[Anthem]

Rumor has it we will be hearing some definitive information from these folks in the next couple of weeks or so.

Anyone else heard anything?

 

[panappr]

Rumor has it we will be hearing some definitive information from these folks in the next couple of weeks or so.

Anyone else heard anything?

I don't expect good news from them, I only hope the Fed's control will supersede anything they try and put into effect.

 

[Pamela Crowley (Florida)]

I've heard some nasty rumors that some group of 'appraisers' with ulterior motives was working hard on becoming the IVPI mentioned in the HVCC - might even be the same group that drew up the HVCC.

Personally, I hope some of them will be taken care of by the FBI sweep that is still in progress...

I doubt the HVCC is going to hold up.

 

[Don Clark]

I've heard some nasty rumors that some group of 'appraisers' with ulterior motives was working hard on becoming the IVPI mentioned in the HVCC - might even be the same group that drew up the HVCC.

Personally, I hope some of them will be taken care of by the FBI sweep that is still in progress...

I doubt the HVCC is going to hold up.

Pam,

The only IVPI proposal that I have seen is the one you and George were working on. Any response to that yet?

I did see something that you may be referring to some time ago. I made some pretty harsh comments about it. I will see if I can find it and if so will forward it.

BTW,

Sorry I could not make the meeting on the 23rd. Hurt my foot and could barely walk for over a week.

 

[Caterina Platt]

Pam,

That wouldn't happen to involve an old 'friend' of ours that has an appraisal buzz, so to speak?

 

[Anthem]

It would seem to me that they only way HVCC is going to see the light of day is with some more government cooperation .... without some major changes and government cooperation they face inevitable law suits.

I think August will be an interesting month.

 

[Lawrence R.]

HVCC is dead.

It is just looking for a place to lie down and be buried. Closed casket, I am sure, as it will have been hacked to death before it is laid to rest.

My prediction, it is going to get much , much worse before it gets any better. I have joined the doom and gloomers.

The only hope will come form the banks themselves, making a change in the way they want business done.

Or, maybe if FNMA and Freddie get completely taken over by the Gubment.

 

[George Hatch]

I don't think our nation is going to take these losses laying down. The $300b bailout is but one portion of these losses. By comparison, the economic losses we suffered from the S&L Bailout pale in comparison, and that fiasco was sufficient in size to trigger the licensing programs.

I predict the mortgage business will end up being at least as regulated as the stock market before this is all over.

 

[William K]

I predict the mortgage business will end up being at least as regulated as the stock market before this is all over.

Regulated, YES for additional fee's.
Enforced Regulations- Just for show, with no real enforcement.

Can't see with your eyes closed and they don't want to open their eyes!

 

[Caterina Platt]

Regulated, YES for additional fee's.
Enforced Regulations- Just for show, with no real enforcement.

Can't see with your eyes closed and they don't want to open their eyes!

You are exactly right. I was a 20 something in the midst of the S & L crisis, but if memory serves and my understanding is correct, there was a lot more involved to the collapse than faulty valuations.

At the time, a super regulated stock market was drunk on hostile take overs financed by junk bonds. The collapse of these firms due to overvalued securities certainly didn't seem to help the financial health of depository institutions, pension funds, penny stock brokers (Blinder and Robinson, Stuart James, etc.). It was another period of no-holds-barred and ignore your sensibilities. The stock market was already regulated to the hilt, yet that didn't stop the players.

We can't simply point to one aspect of our financial markets and put a bandaid on the situation and hope for a fix. As we've discussed, it's systemic. Either there's an all out collapse and restructure, or we're just biding our time until the next crisis.