AEI Response to ASC

[shrubberyvaluation]

I see a big juicy class action lawsuit in the future.

View attachment 96219

They do not include the shoot the messenger bias claims. Just because someone doesn't like the value does not mean something was wrong inherently.

 

[PMM]

My takeaway:

"This result further supports our conclusion that intentional and unintentional racial
bias by appraisers on refinance loans is uncommon and not systemic."

"Based on the results from our revised Perry et al. approach, we conclude that
homebuyers are sorting along socio-economic status (SES). The differences in
SES explain about 75% of the gap Perry et al. attributed to race."

The Biden administration and the GSEs accused appraisers and other groups of systemic racism. It was their 'Go To' policy.

There is a older mortgage banker study (I wished I could find it) that shows chart after chart that correlates foreclosures with low credit score. And avoiding mortgage foreclosures is what protects lenders.

Not a shred of evidence. Lynch mobs of government and quasi-governmental entities demonizing an entire profession for no reason. Lives and livelihoods destroyed for political gain. Absolutely no one, including supposed trade groups, AMCs, software vendors, etc even attempted to vocally defend the boots-on-the-ground appraiser for YEARS. Not one alleged national leader with the courage to ask for evidence before a conviction.

You can't hate these people enough.

 

[Non Sequitur]

Dr. Chance is still standing up for residential appraisers, here's her response to the request for comments:

From her LinkedIn profile:

"I believe, as you probably do too, that we each have an ethical responsbility to tell the truth when it matters, no matter how difficult. As one of the only non-appraisers to have had a front row seat at the strange circus which is the appraisal regulatory environment in the U.S., I had something to say in response to the Appraisal Subcommittee's request for additional authority. Please read my submission to the request for public comment below if you are interested. The bottom line - we need a lot more than small changes in an insular environment where regulatory dysfunction is the norm, professionals and the public are hurt, and the same political dealmakers are at the table saying different versions of the same thing, seemingly unaffected by the expression of reasonable concerns, as they get the same results year after year after year..."

 

[shrubberyvaluation]

Not a shred of evidence. Lynch mobs of government and quasi-governmental entities demonizing an entire profession for no reason. Lives and livelihoods destroyed for political gain. Absolutely no one, including supposed trade groups, AMCs, software vendors, etc even attempted to vocally defend the boots-on-the-ground appraiser for YEARS. Not one alleged national leader with the courage to ask for evidence before a conviction.

You can't hate these people enough.

Yep, even those that pretend to defend see the appraiser 100% at fault when accused. Some will say that bias may not be the issue, but rather incompetence of the appraiser in some cases. In 0 cases will they say it could be the accuser that is wrong and simply does not like the opinion of market value because of their bias. It is assumed that the accuser, which always has a bias or a stake in the opinion of market value, is never wrong.