Former WAMU Chief Appraiser joins FANNIE

[Vernon Martin]

comments withdrawn

 

[Mike Kennedy]

Mike, what is the point of your post and of this entire thread?

You posted an article published in 2007 which states the following:
"In July 2006, the company began the process of outsourcing all of its appraisals and most of the appraisal management function. To coordinate this activity WaMu selected two vendors -- both established national vendors of appraisal services. The appraisal work was split between these two companies."
and then continures on to discuss the problems with the WAMU appraisal process after that date.

Did you bother to actually research the time period that Sue Potteiger actually worked for WAMU? She left WAMU in 2004, which according to the article you cite is two years prior to the time WAMU began to outsource all of its appraisals and most of the appraisal management function. It is also 4 years prior to the date that WAMU failed.

You should be ashamed of what you are attempting to do here in this entire thread.......guilt by association is a typical tactic in totalitarian regimes but has no place in the USA. If you have any credible evidence of misconduct by Ms. Potteiger, then post that evidence. Simply dragging someone through the mud based on nothing more than the fact that they were employed at a failed institution 4 years before that institution failed is just pathetic.

Please DO cite exactly one example of any NEGATIVE comment made by me in ANY of my prior posts. The INFO is in the public domain and simply historical in nature. In the absence of which, I assume you will also publicly apologize for your erroneous personal attack. Thanks in advance.

 

[nicholz12]

That explains it then. She bailed before the $_it hit the fan.

EXACTLY... she bailed before it blew...

I'd still like to know... where the heck is Mark Simpson/fnme... remember his infamous words from the 90's re: fnme/freddie default loans...

~if 1/2 of 1% of the mortgages default that would not be a problem~

with that kind of attitude we now know why we landed where we did.

 

[Bama Bayou]

Please DO cite exactly one example of any NEGATIVE comment made by me in ANY of my prior posts. The INFO is in the public domain and simply historical in nature. In the absence of which, I assume you will also publicly apologize for your erroneous personal attack. Thanks in advance.

Don't hold your breath waiting for an apology. You don't deserve one. The title you put on this thread is a thinly veiled personal attack. If you want to attack someone just spit it out and state your reasons for doing so.

 

[Mike Kennedy]

Don't hold your breath waiting for an apology. You don't deserve one. The title you put on this thread is a thinly veiled personal attack. If you want to attack someone just spit it out and state your reasons for doing so.

Former WAMU Chief Appraiser joins FANNIE Kindly point out any comment other than a fact?

Thanks .

 

[Winston Wolf]

The title you put on this thread is a thinly veiled personal attack.

WTF?!?

Not from where I'm sitting.

 

[Calvin the Airedale]

It seems like being the chief appraiser of a failed mortgage lender does not hurt one's career mobility.

When the ASC finally hired an executive director, for instance, they hired Jim Park, formerly the chief appraiser of Aurora Loan Services, Lehman's failed experiment in subprime lending.

As for Sue Potteiger, I never met her, but I was the Appraisal QC Manager at Home Savings of America, which WAMU acquired in 1998. My staff and I were laid off ASAP except for one appraisal auditor. When Sue P finally visited the office, he said that she was dismayed that an institution would actually hire people to criticize their own institution (some might call this "auditing"), and she terminated him. In other words, she didn't seem to approve of appraisal quality control.

If these people really are the best appraisal managers in the U.S., how is it that they left their previous employers in such a mess?

I've met and spoken with Jim Park several times over the years. I can't really say he is anything more than someone I've met with at a conference or two. But I did have some acquaintance with Aururoa Loan Services, the entity by which he was the chief appraiser for Lehman Brothers. It was a well run, strait shooting department that cared about quality and credibility, as far as I can tell, from top to bottom.

My sense is that they were simply overwhelmed by the army of wall street suits that couldn't package and sell the subprime MBS fast enough.

PS. I was once a chief appraiser for a failed thrift (the biggest in Ohio at the time of its failure). It didn't do wonders for my career.

 

[Bearslide]

I'm a little mystified. What thinly veiled personal attacks?

Mike presented an article with an accurate title. What's the beef?

It would seem the merry go-round of "talent" hasn't changed much. It's never been about talent, but who you know and whose skeletons you know about. Nothing new there - that's been the game for years. It's also why we are where we are. If the shoe fits, then those whom it fits should wear it.

 

[Joyce Potts]

It's usually only a personal attack when I post something. This is a replay of the Brad Ellis thread. Ironic.

 

[Calvin the Airedale]

I have no problem understading how Ms. Potteiger ended up at FNMA. The chief appraiser for any of the largest sellers to FNMA are bound to know many of the managers and decision makers.

It certainly is a matter of connections and contacts, in any business. Whose skeletons you know about? Not so much. In fact I doubt anyone with knowledge of "skeletons" would find a job by that method.